Half of U.S. apartment buildings have dropped rents
April 10th, 2009
My story today on the nation's rapidly declining apartment rents mentions that half of all apartment buildings reduced rents in the first quarter of this year, according to real estate research company Reis.
That's a startlingly huge number and it's great news for tenants who can now negotiate for a couple months of free rent or other freebies. The company, which has been tracking rental data since 1980, has never seen anything close to this. And it seems that landlords have reacted unusually quickly to the economic crisis.
This graph tells the story better than I can:
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