WMBFNews.com | Myrtle Beach/Florence, SC | News, Weather, SportsEconomy makes it a good time to rent

Economy makes it a good time to rent

CHARLOTTE, NC (WBTV) - Now is the best time in years to rent an apartment. Vacancy rates are at an all-time high and that means you should be able to find a great deal.

According to the Wall Street Journal, the highest vacancy rates are in Tucson, AZ, Lexington, KY, and Charlotte, NC. And while vacancies are up, rental rates are falling.

Three big factors lend support to lower rents. First, housing prices are down, so some people can now afford to buy. Also, more people are choosing to share apartments, taking on a roommate to help reduce their monthly expenses.

And there's just an over-supply of units. Last year saw the most apartments built since 2003. Landlords and property owners have a lot of space to rent, and now there are a lot of incentives for renters.

"It is a renters market right now," said Karen Minshew, marketing director at the Grand, a new apartment complex in Rowan County, NC. "The pricing has dropped a little bit as far as rates go (and) people are doing move-in incentives."

Prices at the Grand start at $780 for a one-bedroom apartment and go up to $1,000 for a 1,500-square-foot three-bedroom apartment.

Folks looking to rent houses are also in luck. Homeowners are also offering extra incentives to lure renters into otherwise empty homes.

"A lot of landlords are giving first month's rent free so they can get all their deposits and utilities turned on," says Nathan Chambers, who owns a real estate company.

Another thing driving these numbers is builders who put up spec homes in the last year or two. In many cases, the homes are just sitting there, so the builder rents them just to have some income, and that's been good for those hesitant to buy just yet.

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