A Month Free? Rents Are Falling Fast
The NY Times doesn’t really go into the root causes of falling rents and I have no knowledge of the NY rental market. But I can say that there’s a lot of pressure on San Francisco rental prices. SF residents who bought homes in the last 4 years either can’t sell their properties for close to what they paid or need steady rental income to simply weather the storm. The glut of rental properties from condo owners is further supplemented by new developments that are switching from condo sales to rentals for the same reasons. If you look on Craigslist, there’s plenty of listings in the SOMA, Mission Bay, Potrero Hills neighborhoods all trying to race each other to the bottom of the rental market.
caitlinmarie: I wish my lease were ending NOW. This is unheard of!
Source: caitlinmarie
