Is The US Now A Renter’s Market?

That’s what The WSJ has reported but I am very confused since the article states “Apartment vacancies hit a 30-year high in the fourth quarter, and rents fell as landlords scrambled to retain existing tenants and attract new ones.”

Wouldn’t vacancies be dropping?  I guess they mean that there are statistics showing there are more people renting and due to buildings converting to apartments, etc. is where the added supply and vacancies are coming from. 

I know now is a great time to negotiate a lease if you are looking to rent because of the supply out there especially here in Fort Lauderdale and South Florida. However, if you are looking to buy and can afford to buy, now is the time. 

“Thanks to falling home prices and record low mortgage rates, it now costs less to own than it has in the past decade on a mortgage-payment-to-rent basis. But falling rents are expected to offset some of the recent improvement in affordability, making renting more attractive than owning in some markets.”