Friday, January 8, 2010

2-in-3 Landlords Have Slashed Rent, Desperate to Fill Vacancies

A nationwide survey by of 3,900 apartment property landlords, owning a combined 987,000 rental units, paints a grim picture of desperate landlords struggling to fill vacancies over the last 12 months. The problem is especially grim in states like California where apartment rentals are competing with a large home inventory overhang. Many of these homes were bought for speculative purposes and are either underwater or their owners are holding out in hope that prices rise. Many such home owners have choosen to rent out their homes a very competitive prices, adding additional downward pressure on apartment rentals.

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