APARTMENTS ON THE REBOUND
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AMLI Perimeter Gardens? Nicole Martin says she's seen an uptick in activity, with the apartment property 98% occupied. That's also the message from Marcus & Millichap analysts in a new report: ?Renewed job creation and the formation of new households will continue to stabilize the Atlanta apartment market and set the stage for steady improvement in fundamentals in 2011.? With employment gradually improving in the metro area, M&M predicts a decline in the vacancy rate by 20 bps to 11.5% by the end of the year. The improvement won't be enough to reverse rental declines though, and analysts predict rents will fall another 1.2% to $815/month by year?s end. Still, that rate of decline is much less than last year?s 4.3% drop. Hopefully this message is echoed by Gables Residential?s prez David Fitch, AMLI CEO Gregory Mutz, and other multifamily leaders when Bisnow hosts its Multifamily Summit Sept. 29 at Loews Hotel Midtown. Sign up today! |
