Word: rente
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Dates: during 2000-2009
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There's good news in the housing market - for renters. What you pay is on the way down. The average rent in the U.S. fell 0.4% in the last three months of 2008, according to a survey of large apartment buildings in 79 metro markets by real estate analytics firm Reis. Even though landlords often find it tough to raise rent prices in winter months, the fourth quarter's decline is significant for being the first quarterly drop since the beginning of 2003. (See who's to blame for the financial crisis...
...whole lot of sense. If homeownership is on the decline, shouldn't apartment buildings be swamped with interest? As it turns out, those two things don't neatly seesaw. The demand for apartment rentals is largely linked to employment. When people - especially young adults, who are prone to rent - don't have jobs, they're more likely to stay with family or find a roommate instead of renting a place of their own. Plus, in the wake of escalating home foreclosures, condos not selling and investor properties sitting unflipped, there are units from unconventional sources opening up for rent...
...expect that edge to continue. In 2009 the average apartment rent will drop 2.1%, according to PPR projections based on apartment buildings with five or more units in 54 markets. The nationwide vacancy rate is already at 6.8% - the peak during the last recession - and it is likely to grow by another percentage point this year, according to CBRE/Torto Wheaton Research, a property analytics firm that surveys professionally managed buildings with five or more apartments. (See pictures of the recession...
...increasing presence of these small businesses proves that rent in the Square is reasonable, Jillson said...
...Clearly, if locally-owned, independent businesses run by women are able to afford rent in prime locations, then one would conclude that rents are not skyrocketing,” she said...