No applications fee... Reduced deposit... One month's free rent... A two-bedroom unit for the price of a one-bedroom.
These are the types of concessions apartment renters are making these days.
According to real estate research company Reis Inc, the national apartment vacancy rate has hit a 30-year high of eight-percent.
Karen Shymanski, the St. Louis Apartment Association Executive says people are losing their jobs and can't afford to pay the rent so they're turning in their keys early and moving in with family.
Skymanski says the industry anticipates a turn-around by the third quarter of this year. Meantime, if you're looking you should find a deal.