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Vacancy Rate Hits 23-Year High as Renters Fade

So now's the time to get that place in NYC

By Kevin Spak,  Newser Staff

Posted Oct 6, 2009 9:50 AM CDT

(Newser) – Apartment vacancies have hit a 23-year high, as rampant unemployment continues to drive down demand, according to a New York real-estate research firm. That’s brought rents down an average 2.7% compared to last year—and the 7.8% vacancy rate is expected to climb. “The experience was night-and-day different” from years past, says one New York City renter, whose new landlord tossed in a free first month. “Renters are the ones with the power.”

Usually the second and third quarters are renters’ strongest months, but this year “vacancies just continued rising,” a researcher said. Unemployment, which is closely tied to rent, stands at 9.8%, but it’s even worse among those under 35, who are more likely to rent. The effect was particularly pronounced in places like Tacoma, San Jose, and Raleigh.

A foreclosed low-rise apartment complex is seen in Detroit on Friday, Nov. 14, 2008.
A foreclosed low-rise apartment complex is seen in Detroit on Friday, Nov. 14, 2008.   (AP Photo/Carlos Osorio)
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COMMENTS
Showing 3 of 4 comments
Jeebus
Oct 7, 2009 7:39 AM CDT
Welcome to tent city nation.
BlueAyez
Oct 7, 2009 6:19 AM CDT
That's because there' s no jobs. They're practically giving away houses up there.
Kookey90
Oct 7, 2009 5:40 AM CDT
Hey, Move to Detroit, by the looks of the picture in this article it seems like they've got some good deals going on.

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