Now rents are dropping

Last year, Tulsa's largest real estate investment company was enjoying close to 100% occupancy on their residential apartment units.

They raised rents $100 across the board last summer.

OOPS! Long time residents felt insulted.
So along with gasoline prices escalating daily, no doubt many felt forced to make a change.

Suddenly faced with hundreds of vacant units, they began to offer specials such as 13th month free after signing a new lease.
This is an effective covert way of lowering rents without obviously "lowering rents" which makes current residents feel cheated since they are locked into higher rents.
But now they have large banners at their leasing offices advertising new lower rates.

This will have some effect on the economics of owning vs renting.

drip by drip...

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Edited by Rogerdodger, 09 January 2009 - 05:56 PM.

Last year, Tulsa's largest real estate investment company was enjoying close to 100% occupancy on their residential apartment units.

They raised rents $100 across the board last summer.

OOPS! Long time residents felt insulted.
So along with gasoline prices escalating daily, no doubt many felt forced to make a change.

Suddenly faced with hundreds of vacant units, they began to offer specials such as 13th month free after signing a new lease.
This is an effective covert way of lowering rents without obviously "lowering rents" which makes current residents feel cheated since they are locked into higher rents.
But now they have large banners at their leasing offices advertising new lower rates.

This will have some effect on the economics of owning vs renting.

drip by drip...

317 face layoff at two Tulsa facilities
By KYLE ARNOLD World Staff Writer
Reader comments (1)
Tulsa companies Penloyd/OFC and Lifetouch Inc. said Thursday they will lay off a ...
Friday, January 09, 2009

Local jobless rate highest in more than three years
By LAURIE WINSLOW World Staff Writer
Reader comments (11)
The Tulsa area’s jobless rate jumped to 4.6 percent in November — the highest since June 2 ...
Tuesday, January 06, 2009

Boeing Goes Boing Boing With Pink Slips (BA)
24/7 Wall St., NY - 3 hours ago
Boeing Co. (NYSE: BA) has decided that it wanted to get into the business of pink slips. The aerospace and defense giant announced that it plans to shed ...

another "recession proof" industry bites the dust . i say this because i work for several property management companies and the assumption with some of them was they were recession proof because "people have to live somewhere".

ed rader

The housing market is simply adjusting to realistic inflation rates. Since 2002 housing inflated faster than inflation...much faster. Now if the health care cost inflation would come down to earth, that would help almost every one.

Last year, Tulsa's largest real estate investment company was enjoying close to 100% occupancy on their residential apartment units.

They raised rents $100 across the board last summer.

OOPS! Long time residents felt insulted.
So along with gasoline prices escalating daily, no doubt many felt forced to make a change.

Suddenly faced with hundreds of vacant units, they began to offer specials such as 13th month free after signing a new lease.
This is an effective covert way of lowering rents without obviously "lowering rents" which makes current residents feel cheated since they are locked into higher rents.
But now they have large banners at their leasing offices advertising new lower rates.

This will have some effect on the economics of owning vs renting.

drip by drip...

317 face layoff at two Tulsa facilities
By KYLE ARNOLD World Staff Writer
Reader comments (1)
Tulsa companies Penloyd/OFC and Lifetouch Inc. said Thursday they will lay off a ...
Friday, January 09, 2009

Local jobless rate highest in more than three years
By LAURIE WINSLOW World Staff Writer
Reader comments (11)
The Tulsa area's jobless rate jumped to 4.6 percent in November — the highest since June 2 ...
Tuesday, January 06, 2009

Boeing Goes Boing Boing With Pink Slips (BA)
24/7 Wall St., NY - 3 hours ago
Boeing Co. (NYSE: BA) has decided that it wanted to get into the business of pink slips. The aerospace and defense giant announced that it plans to shed ...

another "recession proof" industry bites the dust . i say this because i work for several property management companies and the assumption with some of them was they were recession proof because "people have to live somewhere".

ed rader

So, if rents go down----how will the gvmt calculate CPI now?-----with housing price going down also?

Does that mean inflation?------crazy?-- But when rents were down and housing up---CPI said no inflation---CPI is based on rentals.

Rents dropping.....hmmm negative inflation rates? Does that mean they will give us a cut in social security monthly payments? Ouch!

Rents dropping.....hmmm negative inflation rates? Does that mean they will
give us a cut in social security monthly payments? Ouch!

rents aren't dropping here yet but renters are .

ed rader

Rents dropping.....hmmm negative inflation rates? Does that mean they will
give us a cut in social security monthly payments? Ouch!

rents aren't dropping here yet but renters are .

ed rader

I'm confused. People can't afford houses and are foreclosing in huge numbers, and so if people get out of an apartment while rents are dropping and vacancies are increasing, where do these people who are leaving go ? They can't go back into houses. and the people who lost houses apparently can't afford to rent either. Where is everyone going ? Tents ? Or Rodgers pad ?

I'm confused. People can't afford houses and are foreclosing in huge numbers, and so if people get out of an apartment while rents are dropping and vacancies are increasing, where do these people who are leaving go ? They can't go back into houses. and the people who lost houses apparently can't afford to rent either.

Where is everyone going ?

Tents ?

Or Rodgers pad ?

people in 30's and 40's moving in with parents is what I read somewhere.

I live in San Diego. I rent and am currently searching for another place to live. I don't know where you gents live, but I do not see rents dropping here at all.