Valley renters gain upper hand as rents stagnate
April 18th, 2008, 10:15 am · Post a Comment · posted by mistywilliams
Valley renters can enjoy a little good news in today’s flagging economy.
The average rent here has remained stagnant the last six months, according to a new report from research firm RealFacts. The average rent in the first three months of the year — $817 — was up 1.5 percent from the same period a year ago but unchanged from the fourth quarter 2007, the report shows.
Rent growth has steadily slowed in the past year, as tens of thousands of frustrated home sellers put their homes up for rent amid the housing downturn.
At the same time, developers have thrown failed condominium conversion projects back onto the market as apartments, also upping the supply.
In response to the increased competition, a growing number of landlords are trying to lure in tenants with concessions, such as a month’s free rent. Others are waiving move-in costs.
