Yes, I believe the occupancy rate is going down… rather abruptly.

One complex that I regularly drive past has multiple empty parking spaces later in the evening. The same complex, when I lived in it in 2003, by 6 0r 7 pm you couldn’t find a space to save your life.

Sure enough, that complex has put a classified up in the U-T Rentals section, joining two other RB-area apartment complexes there.

What I am noticing about rents of condos, is that they appear to be dropping. 1BRs/1Ba in the area are now often going for $1100-something (although most of these are recent conversions). Seems like a couple of years ago, 1BRs were being rented for more like $1300 or so.

However, when I look at selling prices condos are being offered for on Realtor.com in the same area, the mortgage payments by themselves look to be less than the rents people are asking for equivalent units. (Very rough rule of thumb: you pay $600/month per $100,000 of mortgage.) It may be that others have noticed this too and that is sucking residents out of the apartment complexes in the area. It also means the people trying to rent out condos will have to offer them for lower than they are now.