Apartment vacancies hit a 30-year high in the fourth quarter and left landlords scrambling to retain their existing tenants plus trying to attract new one.
The vacancy rate ended the year at 8%. This is the highest level since a New York research tracking firm surveying the top 79 U.S. markets started to tally vacancies plus rents in 1980. San Jose CA, Seattle, San Francisco saw rents fall 3%.
Landlords must now entice tenants to renew leases. Incentives like Starbucks gift cards, repainting the unit and cleaning carpets are just a few of the enticements landlords are implementing.
If you are renting a place, now might be a good time to renegotiate your lease.
Linda Shank is a real estate broker w/Linda Shank and Company in the Southeast Phoenix Valley. Contact her at LShank5179ataol.com
Showing posts with label renegotiate your lease. Show all posts
Showing posts with label renegotiate your lease. Show all posts
Tuesday, February 9, 2010
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