At that time, however, the market was much smaller.
Experts applaud the drop in permit activity, noting that overbuilding in 2000 and 2001, coupled with the slow economy, has led to high vacancy rates, dropping rents and incentives such as three months of free rent on 12-month leases.
The market has become so soft that even class-B and class-C properties are being forced to offer free rent, and not just the newest and most expensive units.
An increasing number of people are moving back home, or taking advantage of interest rates near a 40-year low to leave apartments and buy homes, experts tell GlobeSt.com.
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