February 2010 update on Rental Market & a good TIP

The job market may be the most visible sign of the down economy, but it’s certainly not the only thing to take a hit.

In a recent article in the Star Tribune, Susan Feyder explored the rental market in the Twin Cities, as well as the effect the foreclosure crisis of the last year has had on landlords and tenants.

“Apartment building owners have more space on their hands”

the apartment vacancy rate in the Twin Cities is at its highest point in several years, totaling 7.3 percent at the end of 2009. The low demand and poor overall market is working in favor of renters, with some building owners making significant concessions to keep the tenants they have and fill new vacancies. 

An important legal tip: GET ALL concessions in writing!

Enjoy the article… http://www.startribune.com/business/84264267.html?page=3&c=y

 

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