Question-and-Answer Session
Operator
(Operator Instructions). We do have a have a question from the line of Twirl Puala (ph) with Morgan Stanley
Unidentified Analyst
Good morning. Great quarter guys.
David Neithercut
Good morning. Thank you.
Unidentified Analyst
I have a question on the sub-markets, specifically, this quarter we saw in New York Metro area rent showing a 7% decline year-over-year. When do you see rents eventually bottoming out there? And is it fair to characterize places like San Diego and South Florida are close to the bottom and are seeing some sort of recovery in the process?
David Santee
Hi. This is David. Let me say that we are getting very close to where our current market rents are intersecting our declining rents from last year.
So everyday, especially in Manhattan we become less upside down and we'll reached parity probably in December or January. The other market, the story is pretty much the same aside from the western markets. The western markets seem to lag the rest of the United States as far as rent declines by anywhere from three to five months.
So those have been a little more volatile lately, but pretty much every other market we're starting to see a leveling off here in the next 60 to 90 days.
David Neithercut
Yeah West Coast market were so too late to the party, they are going to take a little longer to recover.
Unidentified Analyst
And then specifically about the home owner tax credit, actually we're hearing that's going to be extended to April of next year. Obviously, this may not have an impact in higher price markets like New York or San Francisco, but is there any anecdotal evidence of move outs to home purchases in some other markets you are seeing?
David Santee
This is David again. Let me say that Q3 did show some also I use the word significant changes in move outs to buy homes. But I would also caution you to not get too caught up in the percentages as well.
As an example, Boston increased to 15.8% of move out, but because the turnover is so low, that 15.8% amounted to only 89 move outs for the quarter to buy homes.
Other markets, more notably, Inland Empire, Denver, Phoenix showed signs of returning to normal historical home buying levels for Q3. Portfolio-wide we saw 14.2% which was an increased over Q3 of 08 but still below Q3 of 07. So you did see more of the commodity market increase in Q3, but more of the -- constrained markets continue to show declines.
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