Regis Philbin
Oct 26th, 2006, 07:25 PM
If the greedy homeowners aren't raking it in, the greedy landlords are. What's a liberal to do?
http://www.breitbart.com/news/2006/10/26/D8L0FA5G0.html
Apartment Rent, Demand Is Soaring
Oct 26 1:48 PM US/Eastern
By ALEX VEIGA
AP Business Writer
LOS ANGELES
Kristin Zimmerman went looking for a new apartment recently after someone broke into her unit in a converted Victorian house in the Pacific Heights neighborhood of San Francisco.
She found a roomy, two-bedroom, two-bath dwelling on the edge of upscale Russian Hill, where the previous tenant had been paying $2,600 a month _ more than the $1,959 a month she and her roommate were spending but still within their limit.
The landlord, however, wanted $3,000 a month and wouldn't budge.
"The woman was just unrelenting," said Zimmerman, 26, a cancer researcher.
Apartment rents and demand are soaring nationwide as the economy produces good jobs and people who might have bought homes a year ago settle for apartments while they wait for housing prices to tumble.
In addition, the supply of rental housing tightened in the past year as many apartments were converted into condominiums in places like Florida and Southern California. Some of those units are now returning to rental markets at high prices as owners struggle to sell them.
In the quarter ended Sept. 30, the average advertised rent reached $978, up 3.9 percent over the year-ago period, according to an analysis of 75 markets by real estate research firm Reis Inc. in New York. Some of the biggest increases were seen in Florida and Southern California.
Meanwhile, the nationwide vacancy rate for rental housing dropped to 5.4 percent during the quarter from 6.7 percent in the same period of 2004.
Apartment rents and demand are soaring nationwide as the economy produces good jobs and people who might have bought homes a year ago settle for apartments while they wait for housing prices to tumble.
I thought the Bush economy was only producing minimum wage jobs? What's going on here??? :scratch:
http://www.breitbart.com/news/2006/10/26/D8L0FA5G0.html
Apartment Rent, Demand Is Soaring
Oct 26 1:48 PM US/Eastern
By ALEX VEIGA
AP Business Writer
LOS ANGELES
Kristin Zimmerman went looking for a new apartment recently after someone broke into her unit in a converted Victorian house in the Pacific Heights neighborhood of San Francisco.
She found a roomy, two-bedroom, two-bath dwelling on the edge of upscale Russian Hill, where the previous tenant had been paying $2,600 a month _ more than the $1,959 a month she and her roommate were spending but still within their limit.
The landlord, however, wanted $3,000 a month and wouldn't budge.
"The woman was just unrelenting," said Zimmerman, 26, a cancer researcher.
Apartment rents and demand are soaring nationwide as the economy produces good jobs and people who might have bought homes a year ago settle for apartments while they wait for housing prices to tumble.
In addition, the supply of rental housing tightened in the past year as many apartments were converted into condominiums in places like Florida and Southern California. Some of those units are now returning to rental markets at high prices as owners struggle to sell them.
In the quarter ended Sept. 30, the average advertised rent reached $978, up 3.9 percent over the year-ago period, according to an analysis of 75 markets by real estate research firm Reis Inc. in New York. Some of the biggest increases were seen in Florida and Southern California.
Meanwhile, the nationwide vacancy rate for rental housing dropped to 5.4 percent during the quarter from 6.7 percent in the same period of 2004.
Apartment rents and demand are soaring nationwide as the economy produces good jobs and people who might have bought homes a year ago settle for apartments while they wait for housing prices to tumble.
I thought the Bush economy was only producing minimum wage jobs? What's going on here??? :scratch: