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Answered Question

andy

December 04, 2008 09:16 PM

Are apartment rental prices dropping like home values are?

Since home prices seem to be dropping at a significant rate, does that mean that rental prices are also going down? I'm going to be looking for a new apartment soon and wanted to know how much I should be paying.

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Best Answer Chosen by Asker

lelah

December 04, 2008 09:27 PM

It depends on where you are, since in some markets rental prices are actually increasing because of more demand. On the other hand, my rent went up by a smaller percentage this year than in previous years, I think because of the overall lag in the economy.

A recent AP articles say that rental rates have stayed largely the same over the last year: http://www.latimes.com/business/la-fi-rents25-2008oct25,0,7611245.story
Source(s):
http://www.latimes.com/business/la-fi-rents25-2008oct25,0,7611245.story
http://www.mahalo.com/Apartments

Asker's Rating:

• Thanks for the advice. I guess I'll just have to see what's out there.

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jasoncalac...

December 06, 2008 02:50 AM

Rent is a function of demand and the cost of a property. Over the past five years we've increased the inventory in many markets in the hopes of selling condos, houses, and townhouses. However, since there are no buyers for these homes the owners are putting them on the market to rent. This means, in theory, that rents should go down in most markets--or stay flat.

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