More on falling rents
The WSJ has an article on landlords cutting effective rents: Landlords Offer Incentives to Stay Put
… Equity Residential said new tenants in the third quarter paid 9% to 10% less rent than the previous residents. … Denver-based UDR is offering renewing tenants a flat-screen TV, new carpet, kitchen upgrade or, $300 in cash. … Some landlords have also become more open-minded about tenants with credit issues involving home foreclosures.
My thoughts: Unless Boston employment numbers dramatically improve, Boston rents will continue to drop. This year, I didn’t see as many individuals moving into Boston for employment reasons as I’ve seen in previous years.
What are your thoughts?
File Under: My favorite line which is “Jobless Recovery”