Real estate research firm Reis, Inc. reports that apartment vacancies rose to 8-percent in the last quarter of 2009. As a result many large apartment complex owners have been forced to reduce rents. One year ago the vacancy rate was 6.7%. The blame for the recent downturn goes to the recession and to job losses and/or fear of job loss,
Apartment Vacancy Rates Hit 30-year High.
Resi has been tracking apartment vacancy rates for 30 years and an eight-percent rate is the highest on record.
That being said, the MLS in Northeast Ohio's eastern suburbs is not exactly flooded with rentals. There are only 5 listed in Beachwood, 32 in Shaker Heights and 31 in Cleveland Heights. More than a few of these rentals are single family homes and not apartments. Many apartment building owners do not list their rentals in Northeastern Ohio on the MLS.
For more on this story follow this link:
http://www.reuters.com/article/idUSN0614064020100107
FIND A HOME: http://markostrovsky.com/
Mark & Elly Ostrovsky
Howard Hanna Smythe Cramer
Cellular: 216.577.1156
EMail: EllyandMark@GMail.Com
Website: http://MarkOstrovsky.Com
Mark is a licensed attorney in Ohio & in Massachusetts and works with his wife Elly in residential real estate representing buyers and sellers in Cleveland, Ohio's Eastern suburbs. You can search for homes on their website:
FIND A HOME: http://markostrovsky.com/
;)
;)
;)
I know of a few areas locally where there is a ton of rental inventory. I'm happy to have all of my rentals full. I'm collecting some late rents, but nobody is actually behind. Given the current economic situation I've slacked back on some of my late penalties in order to keep full occupancy.