Wednesday, October 7, 2009
by Broderick Perkins
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Deadline Newsroom - The housing market's malaise has spread to the rental sector where the vacancy rate is at a 23-year high and San Jose, CA has been hit hard.
With the nation suffering a nearly 10 percent unemployment rate, jobless renters are vacating apartments just as homeowners are facing foreclosure.
Property research firm Reis, Inc. said the 7.8 percent apartment vacancy rate in the third quarter this year hasn't been this high since 1986.
The apartment market enjoyed a short-lived boom from 2006 to most of 2007, as refugees from the owner-occupied sector looked to more affordable apartments, but rental vacancies have been rising since the third quarter of 2007, according to Reis.
Good news for those who are looking to rent, rents are down 2.7 percent over the past year, according to Reis. Renters can negotiate for a host of incentives including rent-free months, long-term contract discounts and smaller move-in deposits.
Hardest hit were some of the same markets suffering owner-occupied housing woes, including San Jose, CA where rents were down 8 percent; New York, NY, down 6.8 percent; Orange County, CA, down 5.5 percent; San Francisco, CA, down 5.3 percent; Ventura, CA, down 5.1 percent; Los Angeles, CA down 4.6 percent; Miami, FL, down 4.6 percent; Las Vegas, NV, down 4.6 percent.
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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.
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National Offbeat News Examiner
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