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Old 01-26-2009, 08:59 AM
Status: "I must be “really retarded”" (set 9 days ago)
 
19,995 posts, read 20,683,019 times
Reputation: 16589

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I snagged this little tid-bit from yahoo news:

Nassau-Suffolk (Long Island, N.Y.)
Rank: 2
Rent drop: -4.7%
Q4 2008 rent change: -3.2%
Q4 2007 rent change: 1.5%
Effective rent: $1,786.60

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.
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Old 01-26-2009, 10:12 AM
 
Location: East Northport
3,351 posts, read 9,740,937 times
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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.
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Old 01-26-2009, 10:28 PM
 
Location: Back in New York
1,104 posts, read 3,696,804 times
Reputation: 863
Yea well when your losing population like a sinking cinder block things gotta change.
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Old 01-27-2009, 02:33 AM
 
106,242 posts, read 108,237,907 times
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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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