Rent Increases May Ease As Condo Market Softens
From the WSJ:
Look out, apartment landlords: Many rental buildings that were converted to
condos are returning to the rental market amid slowing condo sales -- and that
could put a dent in the healthy rent increases many landlords are hoping for
next year. Apartment inventories have crept up since this summer for the
first time in two years due to the failure of condo conversions in a slowing
housing market, says Reis Inc., a real-estate research firm in New York.
While the increase is still small, it does signify a change in direction.
Nationwide, the number of apartments increased by 8,900 units in the third
quarter, out of a total of 9.1 million, by Reis's measure, which includes
complexes of over 40 units.
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