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Backyard Shed That Rents For $1,050 Is Relative Steal In This California Neighborhood

(CNN) -- If you're in the market to rent a home in San Diego, this backyard shed could be yours for a whopping $1,050 a month. Yes, really.

The studio is located in the backyard of a home in the North Park neighborhood of San Diego, which is one of the city's most walkable neighborhoods.

The listing calls the shed a studio, but neighbors aren't exactly convinced.

"I was amazed it was going for that much money," Joe Moreno, who lives nearby the shed, told CNN affiliate KGTV. "Does it have plumbing? I mean, does it have facilities?"

The 200-square-foot studio apartment does have plumbing, an air conditioner, stove and small refrigerator. It doesn't, however, have a washer and dryer or parking, the listing said.

While the rent seems outrageous to some, the asking price is $300 per month less than a typical studio in the area. The company renting out the property, J.D. Property Management, doesn't expect to have an issue with the price, considering the former tenant paid $1,100 a month for two years.

"Maybe it is high for what it is offered at, but the reality is that the square footage and the location is exactly what this market needs," Housing Industry Analyst Alan Nevin told KGTV.

Applicants interested in renting the shed must have a credit score of 650, an income of 2 1/2 times the rental amount, no history of evictions and rental references, according to the listing.

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