Thursday, June 24, 2010

Is the demand for apartments beginning to fall again?

Morgan Walsh - Multi-Family Specialist

Posted by: Morgan Walsh
Multi-Family Specialist
775 336 4646
Morgan Walsh is a commercial broker with 20 years experience in investment sales, multifamily and specialty sales, representing buyers and sellers, institutional and private developers in market rate apartment sales, mixed-use residential devepment and the development of affordable housing projects.

Is the demand for apartments beginning to fall again?
by Morgan Walsh for the Northern Nevada Business Weekly

“Where are our tenants going? This much we know— it’s not to another complex.” So said the owner of a local, well-maintained, suburban garden style apartment property. Evidence is accumulating that marginal apartment demand is falling again in the Reno market. A glance at the dispersion of apartment vacancy rates tells an interesting story. At the best-run, well located properties, occupancy is at or slightly below 95 percent. Smaller properties quickly adjust rental rates and concessions to eliminate vacancy and run full most of the year. more

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