APARTMENT CONSTRUCTION DWINDLES
|For the first time in years, apartment owners have a brighter outlook. And that trend should continue since new construction is all but nonexistent, as seen in this chart:|
Apartment market consultant Dale Henson says there's been an uptick in occupancy in urban and garden apartment complexes across metro Atlanta. It's the first time in three or four years, ?but at a great cost with concessions.? Dale Henson Associates? mid-year report says rents continue to fall, but so do concessions. If developers hold back on new projects, the influx of apartment dwellers will continue to chip away at vacancy rates, especially among the new product built over the past few years, he says. ?The outlook as far as we're concerned is it can't be anything but brighter than it has been,? he says.