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Seasons of Pain Ahead for Rentals

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This quarter, the "San Francisco area" had the biggest effective rent drop in the country: 2.8 percent to $1,775, compared to the previous quarter. Yes, worse off than the New York metro area we are now, although we once again may be getting dragged down by pesky Alameda and CoCo counties. But there's more! Following a story or two about the drop (real or not) in rents across the city, a real estate research report has it that "we are arguably only at the beginning of the current downturn," and thus with job losses set to worsen and demand for apartments dropping, rent rates have not yet seen bottom. Oh, and when more rental units hit the market, it's certainly not going to get prettier. Let's count the major rental buildings that have just hit the market or will soon: the Strata at Mission Bay, Avalon at Mission Bay Phase III, the Argenta, Trinity Place/Plaza Phase I... Prepare those letters to your landlords.
· US apartment market worsens with economy--Reis [Reuters]