Many thought that if there would be one beneficiary of the housing market crash it would be apartment owners. Turns out, no so much:
When the foreclosure crisis hit Las Vegas, many expected apartment-complex owners to be the beneficiaries because those out-on-the-street homeowners needed to live somewhere.
But the reality is that the shadow rental market of homes and condominiums continues to put pressure on apartment-complex owners, whose vacancies are increasing. They must offer incentives and cut rents to lure tenants.
All the foreclosures on homes and condos have flooded the rental market with properties and that won't end until the housing market recovers.