Asking rents are down, unemployment up in West Palm Beach, report says

Vacancy rates remained steady in West Palm Beach between April and June, even though mounting job losses have reduced rental housing demand, according to the second-quarter apartment report from Marcus & Millichap. But West Palm Beach employers are expected to cut 19,000 jobs in 2009, which will propel housing demand further downward. Low demand for rental housing will also likely send asking rents down 3.8 percent this year, to $1,066 per month, compared to a 0.4 percent drop in asking rents last year. TRD