So apparently apartment vacancies were up to 8% in the last quarter, which is weird because one would assume that people getting tossed from their foreclosed houses would be renting. Marketplace has some thoughts on the problem.
120,000 new apartments came on the market last year. But there was less demand. People are sharing apartments with roommates or moving back in with their parents. Calanog says that’s created a renters’ market.
[Victor Calanog with the commercial real-estate research firm, REIS.]: If you’re a landlord, and you’re operating an older building, suddenly across the street a new building comes in, 50 percent vacant, with much better amenities willing to offer three months off, what are you going to do to attract or retain tenants? You’re probably going to have to match that kind of competition.
So we suppose the takeaway here is that you should think about finding a better apartment and be sure to wear your negotiatin’ pants.
Why apartment vacancies are rising [Marketplace]