The Demand for Rents is Dropping

Marketwatch reports:

If fewer people are buying homes, you'd think that rental properties would be in high demand. But job losses and a sour economy have also eroded demand for apartments, according to the latest data from the National Multi Housing Council.
"Once again, apartment firms are facing tough market conditions not of their making," said Mark Obrinsky, NMHC's chief economist, in a news release. "Earlier in the decade the bubble-induced rise in homeownership eroded apartment demand; now the economic and financial collapse caused by the bursting of that bubble is taking a toll."

Square footage is square footage.