Good news for renters on LI... (Nassau: apartment, homes, unemployment rate)
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Apartment rents in Long Island's suburban counties have dropped as Wall Street layoffs and tumbling home prices have taken a toll on the economy. The unemployment rate climbed to 5.2% in November 2008 compared to 3.7% in November 2007. The apartment vacancy rate fell to 3.1% in the fourth quarter last year from 4.3% in the same period in 2007. Landlords on average are giving 1.3 weeks of rent concessions.
Basically they said it's not only a buyers market, but it is a renters market as well. Renters now have more bargain power.
I can attest that I have seen rents dropping. One reason, I believe, is that many people are unable to sell their homes, so they are renting them out instead. This has led to an increase in available rental inventory.
watch the wording ...effective rent means if the landlord throws in a free month on an apartment as an incentive then the overall effective rent is reduced ... your rent may very well be 1,000 a month but the free starting month lets them advertise the apartment as effective rent is 923.00
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