Economic Slump Brings Some Good News for Renters

As the economy worsened and the unemployment rate continued to rise in the fourth quarter of 2008, the average apartment rents in the United States fell, according to data released today by real estate research firm Reis Inc.

The decline -- of 0.4% -- may seem small, but it's reportedly the first drop in nearly six years. As rents fell, the vacancy rate rose to 6.6%, a level that reflects a nearly 1% increase over the previous year, according to Reuters.