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Apartment owner on rental market: "Worst ever", Charge-offs triple

By Anonymous

Some landlords think rents have bottomed ... other are not so optimistic ...

From Jon Lansner at the O.C. Register: ?Worst ever? market hits O.C. landlords

Veteran Orange County apartment owner and manager Ray Maggi says this the current rental market ?is the worst I?ve ever seen? for landlords.
...
Last year, landlords usually offered free months of rent as lures for new tenants. This year, Maggi says, more landlords have simply slashed rents to meet tight-fisted renters who have plenty of choice.

Making matters worse for property owners is that a growing number of tenants aren?t keeping up with payments. Charge-offs have roughly tripled to nearly 3 percent of rents due.

Full post as published by Calculated Risk on June 21, 2010 (boomark / email).