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Apartment Vacancy Rate Hits Two-Decade Record
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Group MemberSep 2, 2009 12:48:49 PM
The economys decline leveled off significantly from April through June, confirming that the worst is behind us. GDP declined at an annualized rate of 1% in the second quarter, after shrinking an amazing 6.4 % earlier this year.
But consumer spending, 70% of economic activity, continues to fall as Americans continue to save and reduce debt. Economists express concern that our basic spending habits have been permanently altered by this great recession. This is also having an effect on rentals as renters downsize or insist on rent reductions.
But consumer spending, 70% of economic activity, continues to fall as Americans continue to save and reduce debt. Economists express concern that our basic spending habits have been permanently altered by this great recession. This is also having an effect on rentals as renters downsize or insist on rent reductions.
With this as a backdrop we looked at rental rates which a are a prime factor in evaluating a property. We clearly have a long way to go. The Dept of Commerce chart indicates we are at a fragile beginning of a recovery. The key to successful property ownership now will be to keep it occupied and ride this out.
There is further discussion on some tactics to reduce days on market for rentals here
Thanks for Reading
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