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Article: Apartment rental market rebounding.
- Article from:
- Santa Barbara News-Press (Santa Barbara, CA)
- Article date:
- May 14, 2006
CopyrightCOPYRIGHT 2006 Santa Barbara News-Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Maria Zate
May 14--A cooling of the once-sizzling home buying market is turning up the heat, albeit slowly, on South Coast apartment rents.
Just two or three years ago, when ultra-low interest rates made house payments about equal to rent, the apartment market suffered. Vacancies on the South Coast hit near-record highs and rent hikes were rare.
But interest rates slowly have been rising and home prices rapidly have escalated out of reach for most buyers. Incomes also have not kept pace with home prices. Those factors are now making renting a home more attractive than buying one, said Courtney Seeple, vice president of project ...