The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Lizzie Tudor who wrote (17231)	2/12/2004 9:08:00 PM
From: Elroy Jetson	Read Replies (1) of 306849

Office market rents collapsed in the late 1980's. Residential projects experienced high vacancy rates in the early 1990's, but rents generally did not decline. I think small owners remember that time and are unwilling to experience that pain again. So they have lowered their asking rents. As a consequence the vacancies exist almost exclusively in the REIT owned projects. According to published studies the strongest residential rental markets have been Boston and Los Angeles. Based on what I noted above, I think is is something of a statistical anomaly. Driving around Los Angeles you see "For Rent" signs on most apartment buildings, which you only saw on the REIT owned properties until a few months ago. You also see big temporary canvas banner signs hanging on buildings saying "Pets Welcome" or "Three Months Free". A tremendous number of buildings suddenly have signs on them for a new rental agency. web2.westsiderentals.com This is the first time I can recall building owners dealing with a rental listing agency, other than the in-house rental agency of those being managed by a particular property management firm. Someone had a good idea for the times.

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