Apartment Rentals Dip

Apartment rentals in areas as plush as Silicon Valley have dropped to a very low 3.8%, considered to be the biggest rate drop in the whole US might be sign of more trouble for the housing industry. Rental rates have been going down since the market went into collapse sending many property owners clamoring to keep their existing tenants while offering ever lower rental rates to entice new ones. Properties that used to go for premiums are now being rented out at discounted prices to keep them occupied and property owners are shifting to discounts and more perks to keep tenants where they are. The ailing job market is the culprit for with less jobs, less people need places that are closer to their workplace Rising costs of living are also to blame for living within city limits is considered to be more expensive than in the outer limits of metro areas. How low these rental rates would go is anybody’s guess, much like when the recession would end. Just hope the economy recovers before many of these properties end up empty, more victims of the economic crunch.