It's a great time to be a tenant, as long as you have a good job that pays the bills. Rents are falling in major metros as landlords scramble to find tenants in an increasingly competitive environment. Renters are giving up apartments and downsizing or moving in with parents or roommates and thus, vacancies are climbing. Rents especially starting at the end of last year are being discounted heavily from New York to Los Angeles and in many cities in between. We asked AXIOMetrics, a Dallas-based apartment data company, to assemble a list of the 25 large metros where the rate of rent declines accelerated most in the fourth quarter.
Editor's Note: The metro areas are ranked by "rent drop" the change in the absolute rate of rent growth. For example, if rental rates increased by 1% in the fourth quarter of 2007 compared to the third quarter of that year and fell by 2% in the fourth quarter of 2008 compared to the previous quarter, then the "rent drop" would be -3%. The rents are calculated using a weighted average of all sizes of apartments and do not include single-family home rentals. The "effective rent" factors in any concessions offered by landlords. An average rent concession of 8.3% is equivalent to a one-month discount. The areas ranked are not cities, but metropolitan statistical areas as defined by the Census Bureau. Click here for full descriptions of the individual metro areas. Only metro areas with populations of at least 1 million were included.
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