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Few markets have been spared. During the fourth quarter, vacancies increased in 52 markets, while they improved in 17 and stayed flat in 10. Vacancies increased most sharply for the year in Tucson, Ariz.; Charlotte, N.C.; and Lexington, Ky.
Reuters
Miami average rent: $992
Vacancies are tied to unemployment, because many would-be renters move in with family members or double up during a downturn. Apartments have been squeezed because younger workers, who are more likely to rent, have experienced the brunt of job losses during the downturn.
Landlords were also hit last year by competition from a wave of new supply that hit the market. The 120,000 units that came onto the market last year, including some busted condo projects that had to be converted to rentals, represented the most new construction since 2003, according to Reis.
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In the past 5 years or so, in uptown/Love Field area of Dallas, developers tore down hundreds of apartment complexes and built very expensive townhouses/condos, selling prices ranging from $300,000 & up. Almost NONE of them sold, they sit vacant to this day, now I see "For Rent" signs up.
ReplyDeleteMeanwhile, the crime rate has over doubled in the past few years (don't believe the fake crime stats I am hearing on the propaganda news outlets, they are lies) and some of the people who bought condos now want out, as they can not walk the dog without getting mugged. Many of the retail stores have had multiple armed robberies.
With the depression hitting much harder in other areas of the country, I can not imagine what really is going on those cities, i.e. Detroit, Chicago, Miami etc.
Renting is the way to go. I am selling the place I have owned for almost 20 years, own free and clear, to rent.
ReplyDeletePeople that are buying now are motivated by the 'I am an owner' myth. No, you are a debt slave.