“Rents Fall as Unemployment Rises”

Via the Bloomberg News Service. Using recent statistics provided by my agency, Citi Habitats, Bloomberg reports that rents have fallen across the board by as much as 5.9% in some neighborhoods and categories. This does not mean that every apartment in every neighborhood is cheaper–it’s the over-priced, the luxury, the amenity-heavy units that are feeling the biggest drops as people city-wide tighten their belts and eliminate unnecessary luxuries from their budgets. Still, people looking for more affordability are in luck, as there are more and better apartments available all over town.