Here is a sample of several emails some of my landlords have received in the last few months.
I regretfully inform you that my organization laid off several people on Friday, myself included. I am very disappointed in this situation as I was dedicated and hard working, unfortunately I was also among the least tenured employees. I was brought in to manage west coast business development in conjunction with the other sales guy whose been there for three years. Unfortunately, business in 2009 is at a stand still. Developers that are heavily reliant on debt either cannot secure financing or cannot make the economics work as interest rates are still very high. Utilities that have healthy balance sheets are all in a holding pattern waiting for Obama’s stimulus plan to kick in. What has resulted is a massive drop off in continued business and all prospects that were in the pipeline deferred spending to the second half of the year. I know this is not good news for you and believe me, it’s terrible for my situation. I cannot afford to keep the apartment and must move back to my parents home — what is the best course of action moving forward? I’ll do whatever you need.
So what will be the outlook for the Boston rental market? Do you think Boston apartment rents will be going down?
Note: The writer and the company name was deleted from the email in order to remain anonymous.