Go Get 'Em, Renters

The failed hopes and dreams of developers translates to a lower rent for you. The Wall Street Journal rehashes the "it's a renter's market" story, noting that in Los Angeles, vacancy rates are being boosted by the conversion of all those condo projects into rentals. "In downtown L.A., where there are a lot of new condos, the vacancy rate was almost 10% in the fourth quarter, compared with an L.A.-wide vacancy rate of 4.5%." So what to do? Negotiate, negotiate, negotiate. The paper cites example of instances when landlords have renegotiated the rent to retain tenants who have been laid off or waived fees associated with amenities like gyms. [WSJ]