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Saturday, September 25, 2010

"Landlords Have the Upper Hand. No, Renters Do"

So Which Is It?

One side effect of a market flooded with both sales and rentals is that renters are gaining clout when it comes to negotiating, just as buyers have.

--"As Sales Slump, Rental Stock Rises"; The New York Times (9/25/2010)

To the chagrin of many renters . . . the balance of power in the rental market has tipped back toward landlords — if not far enough for landlords to start celebrating quite yet.

--"Landlords Are Back in Control"; The New York Times (9/25/2010)

Want evidence that "all real estate is local?"

Look no further than the real estate section of today's New York Times.

The lead story proclaims that the rental market has surprisingly tightened, giving landlords more leverage; scarcely an inch further down the page (I get 99% of my news online), the same newspaper(less?) observes that the "rental market is flooded."

The explanation?

One article is discussing Manhattan, the other residential New Jersey.

P.S.: Variability in market demand by area and even neighborhood characterizes the Twin Cities, too.

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