“Advertised rates” haven’t spiked despite whatever the report states. Just read the rental ads in the Glendale News-Press yourself. “Recently reduced” and “Move-In Specials” are just a few of the incentives landlords are offering to attract tenants.
Try being in the property management business in Glendale for more than 30 years for some real-life, real-time experience about rents and renters. Landlords are struggling to rent their available units today, and lowering rents every day to entice new renters. We read the ads in the News-Press on a daily basis to see the trends. We have daily experience in showing apartments to prospective tenants who are few and far between these days.
We have done the math on rental return and know the cost of having an apartment sit vacant because the rent we are asking is beyond what the economy will bear. When the market surged a few years ago, we adjusted our rents upward accordingly, and now that the market is down, so are our rents. We make our apartments available to Section 8 renters and work with the Community Development and Housing Department. Tough times call for keeping all your options open.