TEXT OF STORY
Bill Radke: Some good news this morning if you want to rent a home. Apartment vacancies are at a 23-year high and rents are dropping. Marketplace’s John Dimsdale tells us more.
John Dimsdale: Apartments are plentiful and cheap, thanks to a glut of availability and low demand. This recession has been particularly hard on workers under 35-years-old — the group most likely to rent. They’re doubling up into fewer apartments, or moving back in with their parents. And condo developers, who had been hoping to sell are instead having to ride out the recession by renting their properties, creating even more supply.
In a report of the latest quarterly numbers from the real estate firm Reis — apartment vacancies are at 7.8 percent nationwide, the highest since 1986. And the projections are the vacancy rate will peak well above 8 percent by the middle of next year.
In Washington I’m John Dimsdale for Marketplace.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.