April 30, 2009
The News and Observer
…During the same period, the region’s apartment vacancy rate climbed to a six-year-high of 10.3 percent, up from 9.2 percent a year earlier, according to new data from the Triangle Apartment Association/KARNES.
As more units stayed empty, landlords slowed rent increases and started offering more perks, such as free months of rent…For now, “property managers are being a little more aggressive in retention,” said Brian Reece, managing partner at Karnes Research, the Raleigh firm that collects data for the apartment association. “But they’re not going to give away the shop.” Meanwhile, there’s competition from single-family homes for rent and, increasingly, those for sale, as prices drop and incentives for first-time home buyers take hold…”We’re going to see rent growth slow down,” Reece said. “And we’re going to see creative concessions coming back to the marketplace.”…
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Triangle landlords deal to lure and retain renters
April 30, 2009
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