The Bureau of Labor Statistics reported declines in the indexes for rent and owners’ equivalent rent, the first decreases in those indexes since 1992.
In another report, it was shown that at least 40% of U.S. markets surveyed by RealFacts sustained an annual rent loss of more than 2% through April 2009.
Only three metro areas showed any rent increases in the first quarter of 2009:
- Houston at 0.8%
- Oklahoma City at 0.3%
- Vallejo-Fairfield, CA at 0.2%.
Declines were seen in:
- Oxnard, CA at -5.3%
- Phoenix and Orlando at -4.9%
- Inland Empire at -4.5%.
It’s a great time to buy rental properties. The pool of renters keeps getting bigger and bigger, prices are going lower which makes lower rents still an okay prospect.
San Diego Bail Bondsman
In the long term real estate always bounces back and people should take advantage of these slow periods if they really want to get a good return on their investments. Buy rental property now!
San Diego Implant Dentist