The average asking rent fell to $965 from $1,002 a year earlier, said Novato, California-based RealFacts, which surveyed owners of more than 12,600 complexes. The occupancy rate dipped below 92 percent from almost 93 percent a year earlier.
U.S. employers cut 263,000 jobs last month, more than forecast, and the unemployment rate rose to 9.8 percent, the highest level since 1983, according to the Labor Department. Job losses combined with cutbacks in consumer spending have put pressure on apartment owners.
“Renters are in a great position to secure favorable terms,” RealFacts said in a statement. “The conditions in the rental market reflect people’s attitude throughout the country.
