I’s no longer a renter’s market. For years, [tag]rents[/tag] have been flat or falling in cities nationwide â€” a result of the [tag]booming home-sales market[/tag], which transformed scores of renters into owners. But as the housing market cools, rentals are once again in demand, liberating landlords in many markets to raise rents at the fastest pace in years. They’re also cutting back on the goodies that previously helped lure tenants, such as a free month’s rent or a free DVD player.
In some markets, such as [tag]South Florida[/tag], vacancy rates for large apartment buildings are down and rents are up. However, the supply of condos and homes available to rent in the region is growing as investors clamor to rent out properties they are having trouble selling. Owners of large rental buildings fear that this “shadow supply” of rental properties could eventually put a lid on rent increases in some markets where speculation has been rampant.
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