It’s not that people aren’t needing roofs over their heads, it’s just that those who need to do so have no buying power to support them.
While home sales are seeing a bit of daylight (partly due to the ending tax credit for new home buyers), apartments aren’t as hot. Apartment vacancies are at their peak in 23 years at 7.8%. The figures are according to New York-based real-estate research firm, Reis Inc.
The continuing unemployment problem remains to be the major factor in the bleak outlook of the housing market. And the season’s not with landlords and landladies as well. The fall and winter months are considered lean months for renting.
Those places who are lucky to have any takers have to make concessions at pricing. Rent rates are down and landlords are even making sure that the places are at prime condition for renters.
Source: WSJ
