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Daily Real Estate News  |  April 4, 2007  |   Slow Housing Market Means Rising Apartment Rents
Apartment owners are benefiting from the slowdown in the housing market.

U.S. apartment rents went up a 1 percent in the first quarter, with only a slight 0.1 percent increase in vacancies to 6 percent nationwide, according to real estate research firm Reis Inc.

Of the 79 markets that Reis tracks, only Colorado Springs, Colo., showed a decline in rents, down 0.1 percent. Rents rose the most in Miami, Seattle, and San Jose, Calif., all up 1.6 percent in the first quarter. Orlando saw the biggest increase in vacancy as apartments originally slated for condominium conversions came back on the market as rentals. Vacancies there jumped 0.7 percentage points to 5.6 percent in the first quarter.

Source: The Wall Street Journal, Alex Frangos (04/04/07)

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