Apartment Buildings Lose Their Immunity To Housing's Chill

August 20, 2008 from the Wall Street Journal
written by: By NICK TIMIRAOS

Job-Loss Worries Pressure the Sector; Rent Rates Decline

For the past year, apartment buildings have been one of the few bright spots in the real-estate industry as people forced out of the home-buying market by foreclosures or the credit crunch have turned to renting.
But now the specter of job losses is beginning to spread the gloom into that sector as well. As would-be renters are doubling up in apartments or moving in with friends and families, rents and occupancy rates are beginning to fall in many cities.
"In many markets, our new prospects are beginning to resist the current and increasing ...

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