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And yet another 100,000 new apartments are being built.....
Quote:
The vacancy rate for U.S. apartments reached its highest level in more than 20 years in the second quarter and could soon exceed record highs if the recession persists, real estate research firm Reis Inc said.
The national vacancy rate rose to 7.5 percent, the highest since 1987 and an increase of 1.4 percentage points from last year, according to a report Reis released on Wednesday. The record high was 7.8 percent in 1986.
"We are reaching that historic high very quickly," said Victor Calanog, Reis director of research.
Quote:
Nationally, the picture may grow worse as the year progresses as Reis expects more than 100,000 units from new construction to come onto the market by the end of the year. Some 47,000 units have already come on line this year.
U.S. apartment vacancies near historic high: report - Yahoo! News (http://news.yahoo.com/s/nm/20090708/ts_nm/us_realestate_usapartments - broken link)
You know what? If that's true, then why the heck am I unable to find a good quality apartment in my favorite neighborhood for under $800.? It's an impossibility.
You know what? If that's true, then why the heck am I unable to find a good quality apartment in my favorite neighborhood for under $800.? It's an impossibility.
Because it is regional. I used to live in an apartment complex right across the hudson river from Manhattan. There is a waiting list.
LOL...the article is untrue because you cannot find an apartment in the price range you want to spend....
Perhaps you are cheap?
Here rent all the way round has fallen dramatically....you actually used to be able to buy a home and rent it out for more then your mortgage payment,not any longer.
The statistics are there, vacancy rates are high and climbing. I manage my building in Hollywood and for the first time in ten years, I had to drop the price of one of my vacant units - it had sat empty for the longest period since I've been here too.
Consider yourself really lucky if you are looking to rent now - because there are some amazing deals out there!
it is definitely a renter's market!
I know people that are renting out rooms that previously had no roommates (apartments and houses)... it's a great way to weather the storm if you can find a great person to rent to! If anyone goes that route, make sure you have all the proper paperwork, don't just rent to someone because they seem nice! I found this site really helpful EZ Landlord Forms
I hope this isn't accurate, I applied for a job and need to find someone to take over my lease, assuming I get the job.
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