The economic crisis has opened up opportunities for apartment
tenants. The inventory of vacant apartments is expanding, and rents are
dropping quickly in major metros across the country.
For renters
with leases about to expire, it's time to negotiate. Landlords are
working extra hard these days to keep units filled.
Of course, your ability to hold on to an apartment—especially a
luxury unit—depends on how secure you feel about your own job.
Americans lost about 2.6 million jobs in 2008 (mostly in the final
quarter of the year) and are likely to lose millions more this year.
They are losing money on stocks and other investments and are cutting
back on costs by downsizing and moving in with family members or
roommates as they hunker down for a deep recession.
Landlords, as
a result, are forced to offer discounts to fill vacancies. Apartment
vacancies spiked in September after the collapse of Lehman Brothers and
the eruption of the financial crisis.
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