Perception driving rental market

The economy has helped to make it a renter’s market, but perception is also driving the shift. Landlords began lowering rents in September and October, just as job losses were beginning to hit the city, because of fears that unemployment would get worse. Many renters are looking to trade down to less expensive apartments. Some are finding that unemployment payments are enough to get their rental applications approved. Landlords are now worried about how long the perception of a renter’s market might last if the recession and layoffs continue.