The Economy Is Temporarily Making More Apartments Available
“Apartments Available” is a common message at apartment complexes right now. The rental market has taken a beating from the economic crisis, and if you’re trying to find an apartment, now is a great time because rents are temporarily low and more folks are finding apartments available.
According to an October 28th article from The Wall Street Journal‘s Marketwatch.com website, the Market Tightness Index has indicated more apartments available and lower rents for five straight quarters – more than a year of declines. At the same time, Mark Obrinsky, the vice president of research for the National Multi Housing Council (NMHC), says that “favorable demographics and a lower homeownership rate will benefit the apartment industry over time,” driving up rents, tightening the rental market and making fewer apartments available.
High Apartment Availability Won’t Last
In our opinion, Obrinsky’s right on the money about the rental market. The mortgage crisis has made it nearly impossible for home buyers to get loans to buy new homes. Right now, things are so bad that people are living with friends or family while they try to regroup from foreclosures and job losses. Soon, though, those people will move into apartments and reduce the number of apartments available.
The rental market is slow now, but this is just the calm before the storm. We expect to see a lot of traffic on the rental market in coming months and a lot fewer apartments available for renters.
If you’re unsatisfied with your current housing situation, you should consider looking to rent an apartment on our website or swinging by one of our local apartment rental offices for a chat with one of our apartment finders. We anticipate that there will be far fewer choice apartments available for renters to choose from in the spring.
Source: MarketWatch, October 28, 2008.
