Average rent in the U.S. fell 0.4% in the last 3 months of 08-WHY?

This article points out a VERY interesting reality about the rental market. 

If homeownership is on the decline, shouldn’t apartment owners be swamped with interest? Although perhaps it would appear that this is a Landlord’s market (and indeed in some areas of the Twin Cities it is), the article states that:

“The demand for apartment rentals is largely linked to employment… When people — especially young adults, who are prone to rent — don’t have jobs, they’re more likely to stay with family or find a roommate instead of renting a place of their own”

 http://www.time.com/time/business/article/0,8599,1873081,00.html?imw=Y

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2 responses to “Average rent in the U.S. fell 0.4% in the last 3 months of 08-WHY?

  1. When it was time to sign a new rental lease in the fall of 2008, I expected the management company to increase the rent. There were few vacancies in my complex and I made the same assumptions that many did…it’s a landlord market and they can hike the rent. I was pleasantly surprised when it stayed exactly the same. If they had hiked it, I was not prepared to join the ranks of people moving in with family!

    • twincitiesattorney

      Hi Julie,

      I hear you. After several years away from my childhood home, I don’t believe my folks would enjoy their little boy moving back in with them, expecting free laundry service and cuisine. 😉

      I am glad to hear that your new lease turned out well.

      Chris

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