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It's Becoming A Renters Market

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Not surprisingly, rental prices are falling around the region, according the LA Times, which reports that rents were slightly up overall for 2007, but started slipping late last year. Since starting his company 13 years ago, Mark Verge, owner of Westside Rentals, tells the paper he has never seen rents fall so quickly. 'I used to have to beg owners to lower rents. Now they ask me, 'What do you think I should lower it to?' " Verge said." The downside of falling rents, obviously, is that "if it's significantly cheaper to rent than buy, fewer people will want to purchase homes," according to the paper. More downtown info: We hear that a 1,100 square foot unit Elleven that's renting for $2,400 now was renting for $2,600 two years ago. [LA Times]