Too many apartments coming online is one problem. We are in a period of over-supply again on the apartments, and will be for the next 2 to 3 years. Nothing new is starting through (or very little) so in 2-3 years we’ll be undersupplied again.

Renters are staying put, which is good for renewals. Much of what we see now is people who want to get out of an apartment and into a house.

Steve

What do you and your fellow property managers think is driving the slowdown? Excess apartment inventory? It seems like there are several big new communities that have recently opened, and I’m seeing a lot more specials. Or are you seeing an uptick in lease renewals, as people are more likely to stay where they are vs. switch homes in these uncertain economic times?

Thanks,
TH