The economy has totally collapsed the property rent markets with no sight of a raise. People simply do not have money to rent property at prices that landlords were able to command just over a year ago. Many renters are moving in with parents, relatives, or doubling up with roommates. Apartment vacancy rates are increasing.
A story last year in the Wall Street Journal saw a 22 year high in the vacancy rate during the peak renting season. This has been attributed to rising unemployment rates. Rents were the lowest in cities like New York and San Jose, where markets lost white collar jobs, as well as in cities where foreclosed property was turned into low rent properties, like in Las Vegas and Orange County, California.
According to research, the apartment vacancy rate rose to 7.5% last year, with a majority of markets showing an increase in the trend.
If you want to take advantage of this and rent property, better consult a good property management group. California has had one of the highest rent falls, well above the national average, and if you are renting in California, you can save a great deal of money with the expert advice of a property management group like Orange County Property Management.
Companies like Real Property Management Coast, have a large database of low rent properties that you could never find by yourself, and they will give you a much better range of options than if you would have gone house hunting by yourself.