Monterey Peninsula Home Rental Rates

Monterey Peninsula: Why Are Home Rental Prices High?

Cost of Living - High Home Rental Costs in Monterey Pacific GroveRents are high on the Monterey Peninsula, especially the areas that Gorman Real Estate serves: Pacific Grove, Monterey, Pebble Beach and Carmel. This has always been the case. Why is this so?

Rent is an economic unit, and is therefore subject to the laws of supply and demand. On the Monterey Peninsula, there is a limited amount of space to build housing and the demand to live in this area has always been high. Pacific Grove and Carmel are two of the most beautiful towns in the world, and they have excellent school systems. People will always want to live here, so rents will always be high relative to other areas of the state or country.

Given that economic fact, it is important to balance the need for good housing with what you as a tenant can afford. You’re not doing yourself any favors if more than half of your earnings is going toward rent. And Gorman Real Estate isn’t doing you any favors if we approve a rental application with such a high housing ratio.

When is Rent Payment Considered Late?

Once you have found a good home or apartment to rent, keep in mind the importance of paying your rent on time. Gorman Real Estate rents are due on the first of the month. We consider them delinquent if paid after the first. A late charge is assessed for payments received after the 5th of the month. Late payments go on your record and can affect your ability to receive a favorable reference from a landlord when you seek other housing, so do your best to pay your rent on or before the first of every month.

As an incentive to allow us to automatically deduct your rent from your checking account every month, we withdraw it the second business day of the month, rather than the first, and we don’t consider it to be late. We also don’t charge for this convenience. Consider signing up for this complimentary service to guarantee a good payment record during your tenancy with us.