I have included a link towards the bottom of this page to ARA's inaugural Quarterly U.S. Apartment Market update. It's a snapshot of 24 markets we represent, with data points "from the trenches;" our partners and brokers who are working those markets daily. With the recent opening of our San Francisco office and the launch of ARA Finance, we continue to grow. Housing is our business and we will keep expanding our services to help our clients make the best decisions.

In future Quarterly emails I'll comment on certain market trends. For now I will leave you with a summary of the map's content:

• Effective Rents decreased in 23 of 24 markets. Only Salt Lake had positive movement.
  
  
• Occupancies were unchanged or lower across the board.
  
  
• Cap rates edged up in 23 of 24 markets.

• New construction has decreased in 21 of 24 markets. Only Dallas, Houston and Jacksonville will have to battle through near term supply issues. Late '10 and '11 should be our spring and summer ....after a lousy winter.
  
  
• In the past few weeks our brokers have seen a marked increase in buyer activity on virtually all listings. Capital is certainly interested in apartments of all shapes and sizes. The pricing gap is narrowing.

My Best,
GARY

p.s. Drop me a line with any feedback you have on this update. Thanks for your business.

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