Housing slump lowers rents

The housing slump has actually helped some people: renters. Rents have
dropped as vacancies have increased in 29 markets in the fourth
quarter, according to Reis Inc., a New York-based real estate research
firm. Analysts Ron Witten said vacant condos and homes for sale are an
estimated 760,000 above normal levels, while vacant rental units are
350,000 above average. Condos originally for sale are now being rented,
like in Brooklyn, where two luxury condo developments were converted to
rental apartments last spring. Housing experts predict that renters
might not be able to buy a home for a while because home prices have
outpaced growth in rents.