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 Colleagues: Please click on the link near the bottom of this page for ARA's Second Quarter 2010 U.S. Apartment Market Update. The markets are now virtually unanimous in announcing the apartment recovery. Effective rents are up or not changed in all markets and occupancies have risen in 73% of our markets when compared to last quarter. And to think that just 15 months ago we reported that “23 out of 24 markets had decreasing effective rents" and "occupancies are unchanged." What a turnaround! Existing product offered for sale is bringing many, many qualified offers. More buyers are focused on Year 3 cap rates rather than a going-in target; sort of a replacement for the rent trending dinosaur. Developers, often public REITs with owned land, are targeting new construction in markets like NY, DC and Southern California where acquisition discounts to replacement cost are disappearing. The apartment party is on. Guests are arriving and the band has started their gig. But like all great parties, it'll be a long night and there will be plenty of time and fun for everyone. So c'mon through the door and ask someone to dance. This is going to be a GOOD TIME! P.S. Please note the highlighted two new markets opened by ARA recently: Portland and Las Vegas. We were fortunate to attract the best multifamily brokers in these markets to join our experienced, talented national team. Please CLICK HERE to access ARA's Second Quarter 2010 U.S. Apartment Market Update.
My Best, p.s. As always, drop me a line with any feedback you have. |
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