I can say that rents are all over the board. Some places seem to think that itll be a good idea to raise rents yet again, others are lowering them, some are trying to rent at par.
It seems that the worst asset to try to rent is a 2/2 condo. They are all over the place, and I dont remember any for $1200month a few months ago.
Please notice that this is the least desirable area of MM.
Also notice that they are advertising 1/2 months rent deposit and take pets. Rather than lowering rents, I get the feeling that alot of LL’s are trying to spur renters by lower deposits and allowing pets. They are also doing the “rest of the month free” or “half off first months rent” thing. Whatever they can do to get a renter, without actually lowering the rent, they are doing.
SFR’s are holding the line mostly, but MM is generally the cheapest SFR’s to rent in the area. They are also popular amongst students as you can cram 3-6 into them and split that rent up alot. It is alot harder to do that in an Apt/condo.
Id say that SFR rents are holding, Condo rents are falling slightly, and incentives like low deposits and single month discounts are increasing.
Interestingly I have noticed another trend is to only be signing 6-8 month leases. I think this is good for Military and student renters, who move often. I also believe that many LL’s believe weak rents to be a temporary thing, and want to be able to get “full rent” as soon as possible.
