"With more homeowners losing their homes to foreclosure, and home sales slowing the rental market has been flooded with potential tenants. But what could have been a boon for apartment complexes never has materialized.
With more affordable homes entering the rental market, apartment complexes are struggling to sign leases.
Between the first quarter of 2007 and the first quarter of 2008, median rents in metro Phoenix's median rent dropped 9.3 percent to $939, according to apartment-research firm Investment Instruments Corp. It was the steepest decline reported in the 12 largest U.S. metro areas, some of which posted median gains of more than 10 percent."
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