A new report from new York-based Reis, Inc., a commercial real estate tracking firm, shows apartment vacancies nationwide rose to 7.8 percent in the third quarter of this year, the highest level since 1986. This as rents plunge accordingly, down 2.7 percent from a year ago. Asking rents, which is what your landlord wants, are down 1.8 percent from last year. Why? Jobs.
"Given the magnitude of the job losses that we are still experiencing in the tumultuous labor markets and some uncertainty as to whether the technical recession is still ongoing or whether it has ended, it doesn't look like a lot of consumers are very confident about going out, or striking out on their own to rent their own place," says Reis' director of research Victor Canalog.