I wondered a few days ago (in this article) about an article that pointed out that foreclosures were not leading to increased renting – I asked specifically “Where the heck are they going?”
Interestingly, Multi Housing News published another article providing somewhat of an answer:
It outlines increasing rental rates and “stable” vacancy rates in apartments. The article also points out that there could be increasing rental regulation in the coming years as more people have to rent. WORD OF CAUTION TO APARTMENT BUILDING OWNERS: everything is cyclical and be prepared to hear cries of RENT CONTROL in the coming years.
As more people need to rent, and rental rates rise from the increased demand (after a bulk of the condo developments convert to apartments), you can bet someone will cause a stir. The next few years will certainly be exciting in the rental market.
Chris Grande
8.2.08
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