The vacancy rate for U.S. apartments hit a three-year high in the first quarter and asking rents dropped the most in at least 10 years as the number of excess apartments on the market ballooned, according to real estate research firm Reis Inc.
And the figures are forecast to get even worse as more apartment buildings are expected to open this year, increasing supply, and as the U.S. employment picture gets uglier, Reis said. ...
"Given that things are weakening right now, any new buildings that come on will add additional pressure to landlords," Victor Calanog, Reis director of research, said.
Friday, April 10, 2009
U.S. apartment rents are falling
...because the vacancy rate is increasing: