Apartment Vacancies at
Ten Year High
(April 15) -- Most apartment landlords witnessed soaring vacancy
rates in 2003's first quarter to their highest level in at least 10 years,
reports Reis, Inc. More people left apartments than moved in; and the Class
A sector was hit particularly hard as low interest rates transformed
numerous would-be renters into homebuyers. The vacancy rate for Class A
apartments increased to more than 7.5 percent in 2003's first quarter from
7.2 percent in the 2002's fourth quarter.
"The three elements that have plagued apartment fundamentals--low interest
rates spurring a strong single-family housing market, weak job growth, and
excess apartment development--are still in place," comments Green Street
Advisors analyst Craig Leupold.
Source: Wall Street Journal
(04/09/03); Smith, Ray A.
Find out what commercial real estate
professionals in these companies have been up to!
Chirico Huber Properties
Colliers Pinkard
Commercial One Group
First Colony Corporation
First LandMark
USA, Inc.
Grubb & Ellis|Bissell Patrick
McGuire Properties, Inc/TCN
SouthEast
Commercial Real Estate
Trammell Crow Company
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