Apartments struggle to keep renters

Apartment managers in the Valley are doing everything they can to attract new renters and to hang on to those they have in the current economy.

"We have a 15 percent vacancy rate which means at any one time, the inventory on the market of vacant homes is 15 percent of the total amount of investment properties that are owned in the Valley," said property manager Kim Fearon. "Normally, we're at about 7 percent, so we're over twice the normal vacancy rate."

To attract and keep renters, Fearon said managers "are lowering the rents, watching the market, doing market analysis constantly to match the rents, offering specials -- if you sign another 12-month lease, we'll give you a month or two free -- offering carpet cleans, trying to up amenities."

Existing renters can pick up on the perks used to get new tenants, according to Fearon.

"We try to be pro-active. If someone tells us they're considering moving and giving notice at the end of their lease, we ask them `Why, what are the reasons you're thinking of moving? What would it take to make you stay? Would it need to be less rent? Would it need to be some kind of incentive?'"

Fearon believes the aggressive offers -- three months free rent, free cash, no deposits -- will end when the economy recovers.

"It's really going to depend on the market. We're still seeing an exorbitant amount of homes and apartment communities going into receivership, going into foreclosure," she said.