Tuesday, January 27, 2009

Portland apartment rental rates dropping

From Yahoo!:

The economic crisis has opened up opportunities for apartment tenants. The inventory of vacant apartments is expanding, and rents are dropping quickly in major metros across the country.
For renters with leases about to expire, it's time to negotiate. Landlords are working extra hard these days to keep units filled.

Apartment vacancies spiked in September after the collapse of Lehman Brothers and the eruption of the financial crisis.
"If you've got job, it's a great time to be a renter and to sign the longest lease possible," said Ron Johnsey, president of Axiometrics.com, a Dallas apartment data company.
BusinessWeek.com worked with Axiometrics to come up with a list of 25 large metros where rent declines accelerated most at the end of 2008. In Salt Lake City, where the economy had been holding up better than most cities, effective rents (including landlord concessions) fell 2.3% in the fourth quarter compared with the previous quarter. By comparison, rents were climbing 3.3% in the fourth quarter of 2007.


Here is the list:


Salt Lake City
Rank: 1
Rent drop: -5.7%
Q4 2008 rent change: -2.3%
Q4 2007 rent change: 3.3%
Effective rent: $810.30

Nassau-Suffolk (Long Island, N.Y.)
Rank: 2
Rent drop: -4.7%
Q4 2008 rent change: -3.2%
Q4 2007 rent change: 1.5%
Effective rent: $1,786.60

Raleigh-Cary, N.C.
Rank: 3
Rent drop: -4.0%
Q4 2008 rent change: -4.4%
Q4 2007 rent change: -0.4%
Effective rent: $752.70

New York-Wayne-White Plains, N.Y./N.J.
Rank: 4
Rent drop: -3.7%
Q4 2008 rent change: -3.2%
Q4 2007 rent change: 0.5%
Effective rent: $2,672.20

Seattle-Bellevue-Everett, Wash.
Rank: 5
Rent drop: -3.5%
Q4 2008 rent change: -3.8%
Q4 2007 rent change: -0.3%
Effective rent: $1,161.60

Portland-Vancouver-Beaverton, Ore./Wash.
Rank: 6

Rent drop: -3.2%
Q4 2008 rent change: -2.8%
Q4 2007 rent change: 0.4%
Effective rent: $850.40

San Jose-Sunnyvale-Santa Clara, Calif.
Rank: 7
Rent drop: -3.0%
Q4 2008 rent change: -3.0%
Q4 2007 rent change: 0.0%
Effective rent: $1,788

Charlotte-Gastonia-Concord, N.C.
Rank: 8

Rent drop: -2.9%
Q4 2008 rent change: -3.8%
Q4 2007 rent change: -0.9%
Effective rent: $736.40

Oakland-Fremont-Hayward, Calif.
Rank: 9

Rent drop: -2.9%
Q4 2008 rent change: -2.1%
Q4 2007 rent change: 0.8%
Effective rent: $1,515.40

Boston-Cambridge-Quincy, Mass.
Rank: 10
Rent drop: -2.8%
Q4 2008 rent change: -2.4%
Q4 2007 rent change: 0.5%
Effective rent: $1,634.20

Most Realtors said rents would be driven up because more people are choosing to rent instead of buy. Unfortunately, they didn’t consider all the negative cash flow ‘investment’ homes that would be converted to rentals . The housing supply can shift quickly between 'for sale' and 'for rent' so as long as we have an aggregate over supply of housing units prices will drop for both.


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