Multifamily rents decline in face of record vacancies

04/6/2010 | Bloomberg

Effective rents declined by 1.5% in the first quarter compared with the same period a year earlier, according to Reis. Vacancies are at a record high of 8%, fueled by high unemployment. Some landlords in response are dropping rents just to get prospective tenants through the door, says Victor Calanog, director of research at Reis.

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