Landlords Back in Control

Last year was one of the most active years in rental history here in the city. Prices were way down in response to high inventory as thousands of people lost their jobs. In order to rent all those available apartments Landlords were offering low prices, they were paying the broker fees and offering all sorts of other incentives to keep from having too much inventory.

Well, like everything else in the Crazy World of Real Estate, the pendulum has swung in the other direction. In most neighborhoods the vacancy rate in rental buildings is less than 1%.
That means that more than 99% of all rental apartments are rented. What it also means is that Landlords no longer need to give out incentives to get their properties rented. Instead, they are raising the prices...I love this business.

Here is the real crux of the story.....all of you that signed sweetheart leases last year are going to be in for a rude awakening when you receive your renewal form and you see how much the rent is increasing next year. Funny little city we live in isn't it?