Apartment vacancies hit a 30-year high in the fourth quarter and left landlords scrambling to retain their existing tenants plus trying to attract new ones.
The vacancy rate ended the year at 8%. This is the highest level since a New York research tracking firm surveying the top 79 U.S. markets started to tally vacancies plus rents in 1980. San Jose CA, Seattle, San Francisco saw rents fall 3%.
Landlords must now entice tenants to renew leases. Incentives like Starbucks gift cards, repainting the unit and cleaning carpets are just a few of the enticements landlords are implementing.
If you are renting a place, now might be a good time to renegotiate your lease.
Linda Shank is a 32+ year real estate veteran in the Phoenix southeast valley. You can contact her at lindalshank@msn.com
Linda Shank is a real estate broker w/Linda Shank and Company in the Southeast Phoenix Valley. Contact her at LShank5179ataol.com
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