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i've been keeping a close eye on the seattle + sf rental market and have noticed the same thing, lots and lots of incentives and a notable amount of vacancies at places that definitely did not have vacancies when i was looking around ~8 months ago
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The system isn't built to lower rents. Property Managers, especially the national companies, usually have budget and authority to give incentives up to a certain point so long as they secure a lease at close to market rate. You often need agreement from the owners to lower rents.
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caps on annual rent increases so they'll throw in things like 1-2 months free rather than lower lease price
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hmmm interesting. My wife has been watching the real estate listings, but I feel like that will be the last area to move downward.
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Rents pretty much never go down, there are incentives built into the system like layers of opaque management and the thing ppl are mentioning about legally restricted rate increase rates that make them prefer empty apartment to cheaper one
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