| Appraisal Research’s Ron DeVries (here with colleague Gail Lissner) says that the metro area’s apartment market has hit historic highs for rents and occupancy and will continue to rise this year, according to its Q1 ’12 report released yesterday. But in ’13, the 3,000 new units being delivered will slow the market’s growth. Rents in downtown Class-A apartments rose 9.2% to $2.50/SF compared to a year earlier and in luxury apartments they rose 9.7% to $2.72/SF. Class-A downtown occupancy is 94.7%, up from 93.9% a year ago. But the picture for new downtown condos is bleaker. With 113 closings in Q1, Ron expects about 500 units sold in ’12, down from 770 in ’11, 1,682 in ’10, and 1,891 in ’09. |
Historic Apartment Market
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Gail Lissner, Ron DeVries
