Wednesday, Jul 22, 2009
A sign of things to come?
Bloomberg: Spain Housing Collapse Cuts Rents in Worst Glut Since 1950s
July 22 (Bloomberg) -- Arancha Ibarra considers herself one of the lucky victims of Spain’s housing collapse.
After struggling to find a buyer for her renovated two- bedroom apartment in Madrid for two years, Ibarra found a tenant for 750 euros ($1,066) a month, becoming one of the 1.5 million second-home owners thrust onto the country’s rental market.
Posted by flintster1994 @ 12:11 PM (373 views) Add Comment
3 Comments
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1. little professor said...
Still waiting for a rent collapse over here - rental prices have only gone down about 5% since 2007.
2. inbreda said...
is that adjusted for inflation lp?
3. quiet guy said...
@Little Professor
But did rents ever go up all that much in the first place? In my last accomodation, there was no rent raise at all and before that I estimate just under 3% per annum rise average over the occupancy - and that's nominal, not inflation adjusted.
I prefer to compare rents with the interest only payments on comparable mortgages to get an idea of value for money - of course that ignores all the purchase and maintenance costs.