Rents falling; vacancies rising

The Wall Street Journal says average rents are falling:

Tuesday’s numbers showing that apartment rents still remain soft nationally is good news for renters and would-be renters. Those figures show that the apartment vacancy rate is still climbing, and reaching near record-highs since research firm Reis began its count in 1980.

Effective rents, which measure rents after concessions such as one month of free rent, decreased for the fourth straight quarter—that hasn’t happened since Reis began tracking rents quarterly in 2000. At the same time, landlords are also lowering asking rents, the price offered to prospective tenants before the negotiating process begins. ...

Renters can drive a strong bargain in the current climate.