Word: rente
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Dates: during 2000-2009
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...renters in some markets will benefit more than others depending on regional economics. Take, for example, Manhattan, the main borough of New York City, whose fate is largely aligned with finance firms. Following mass layoffs, the local apartment brokerage CitiHabitats has already seen a fall-off, with the average rent for a one-bedroom apartment dropping 2.5% in the last three months of 2008, compared with a year before. PPR's one-year forecast show rents dropping in 39 of its 54 markets, sometimes by large amounts - down 2.7% in Memphis, Tenn.; 3.7% in Charlotte, N.C.; 5.2% in Atlanta...
...Where rents are on the way down, renters may have room to play hardball - even more so now than during the last downturn. In past cycles, landlords often kept asking prices for rent high, even when they were willing to negotiate with renters one-on-one - with, say, a free month's rent. This time, though, both asking and actual rent prices are falling, according to Reis data. "It looks like landlords are much more willing to lower prices quickly," says Victor Calanog, the firm's director of research. "It's a tenants' market." (See the best business deals...
Like all good things, though, the renter's advantage will come to an end. While PPR projects apartment rent to drop 2.1% this year, next year's decrease is expected to be just 0.5%. That could be the beginning of a trend back toward higher rents, especially if the economy - and jobs - rebound. Plus, in just a few years, the children of baby boomers - an abnormally large cohort of young adults - will begin graduating from college and looking for a place to live, increasing demand for rentals. Considering how many construction projects are being put on hold these days...
...monthly cost of buying a condominium, assuming a 20% downpayment and annual fees of 1.5%. Even after adding in interest on the loan, buying an apartment in certain markets - including Las Vegas; San Diego; Orlando, Fla.; Sacramento; and Fort Lauderdale, Fla. - came out to be cheaper than the average rent price. In West Palm Beach, Fla., buying cost 20% less...
...Take Circuit City. The four liquidation companies, the Great American Group, SB Capital Group, Tiger Capital Group and Hudson Capital Partners, together paid some $800 million for Circuit City's merchandise, which is worth around $1.7 billion at retail. The firms must also pay the company's expenses - payroll, rent and store operating costs - for the duration of the liquidation, which will likely take eight weeks. Here, Circuit City shifts the risk to the liquidators. Sure, the company is offering the liquidators $1.7 billion worth of electronics at a very deep discount. But Circuit City now has $800 million...