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Apartment rents declined throughout the West and South in the third quarter as rising unemployment made it harder for landlords to raise their rates.
The average asking rent fell to $965 from $1,002 a year earlier, said Novato, Calif.-based RealFacts, which surveyed owners of more than 12,600 complexes. The occupancy rate dipped below 92 percent from almost 93 percent a year earlier.
Job losses combined with cutbacks in consumer spending have put pressure on apartment owners.
“Renters are in a great position to secure favorable terms,” RealFacts said in a statement. “The conditions in the rental market reflect people’s attitude throughout the country. People are tightening their belts by reducing their spending.”
Daniel Taub, Bloomberg News
