Effect of the economy on Rent prices

[Craig Grella]

There was a recent forum here in seattle at which RE advisors commented on the state of the apartment market and the effect the ailing economy has been having on rent prices.

Here in seattle, we've seen a 3% reduction in rental rates on average, and are expecting a potential drop of almost 10% over the next year.

I have not yet seen a reduction in any of the units I'm renting, but i have started noticing an uptick in late rents.

I'm considering writing an article about some creative things landlords have done to combat this falling rental trend and the increase of late or missing rent payments.

I'd love to get some comments from the biggerpockets group for the article, and also to help some of the other biggerpockets viewers who might be experiencing the same trends.

Post away...