Rents in UTC are coming down hard. The place where I rent is offering -$100/mo for all renewals and -$250/mo move in-specials for 6-12 months. Yesterday at Whole Foods I found flyers offering -$150/mo on four nearby complexes owned by the same company. During the weekend I visited some of the high-end rentals and most are offering -$400-$600/mo concessions on quite a few units. 2br – 2bth at the conversions are renting for about $1600 which is less than before conversion. Also keep in mind that each of the conversions currently has at least a dozen units in pre or in foreclosure.
