Down Rent, Down!
After all the years of rents going up, in many areas they are actually dropping, due to the lack of demand for all the condos that had been built. There are exceptions, of course, as some cities still have a high demand for housing, but it is becoming more and more possible to find cheaper rents.
That condo demand has gone belly up does not surprise me. I just have to look at how many of the apartment complexes my husband and I looked at the last time we moved, and see how many of them are now condos. It’s quite a number of them. The trend to turn apartments into condos was huge, and paid off well for a time.
But now that the housing market is down, all these condos are going unsold, and so the building owners need to rent them to get some money coming in. That works to bring the prices down.
Technorati Tags: rents, rent, renting, apartments, condos, housing
