Lansner on Real Estate reports it’s taking twice as long to rent vacant units in Orange County, rents are falling, vacancies are rising, and landlords are looking the other way on tenant credit issues and cutting back on maintenance.
None of this is surprising; all these things go together in a softening market. But, it’s nice to see an article which puts all the symptoms of a soft market in one place. For more on the relationship between rents, vacancy, and turnover time, see Multifamily Occupancy Rates: Four Things to Think About. For a discussion of the nasty feedback loop cutting tenant credit standards and maintenance creates, see The Slippery Slope to Default.
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