Following housing downturn, a fall in rental rates across the major US cities is being observed. In the present circumstances, it becomes easy for the tenants to renegotiate their leases.
As more newly-constructed houses are being put up for rent, the demand and supply curve is tilting in favor of tenants with many landlords finding it tough to keep their buildings occupied.
According to a real estate research company the rents of apartments show a fall of 0.4 percent in the fourth quarter from the third quarter. This is the first drop in rental values since 2003.