Nationwide Housing “Crash” A Boon for LandlordsRandy Shawbyline‚ Sep. 12‚ 2007Lost amidst daily media stories of plunging house sales, rising foreclosures and decreasing home prices is a critical fact: rents are on the upswing. Rents are not only rising in the traditional high-cost areas of San Francisco and New York City, but rental markets are even tightening in weak economic cities like Detroit and Cleveland. Vacancy rates are falling virtually everywhere, as those who would have bought homes during the good times are now staying in the rental market. But while politicians and editorial boards call for action to limit foreclosures, no attention is paid toward addressing the nation’s lack of affordable rental housing. And with rising interest rates and huge construction costs, do not expect the rental housing market to improve anytime soon. |