Vacancies Rise, Rents Drop: it's a Renter's Market
USA Today reports that as vacancy rates climb, renters gain the advantage in the current economic climate. According to MPF Research, apartment rental rates dropped a record 3.5% in 2009, including opportunities such as “first month free” and may fall an additional 2% in 2010. "I've been at this 35 years, and it's by far the worst I've seen it," says Jeff Cronrod of the American Apartment Owners Association.
Apartment vacancy is up to 7.8 percent, three points higher than two years ago, also according to MPF Research (nationwide). Property managers are hot to fill vacancies, thus the rise in “deals” or “freebies,” including some apartment managers offering several months free as opposed to the somewhat standard “first month free” in the past. Lowering rent is also a common practice amongst apartment managers in an effort to get people in the door and renting. The downed market is also seeing other renter perks such as included appliances, even free t.v.’s, and added free utilities under the monthly rent umbrella.
This reflects the MPF Research-generated average of a 3% drop in the nation’s average of rent charged by apartment managers since year-end 2008.
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