National Metropolitan Apartment Report

The Orlando Economic Development Commission released a metropolitan apartment report. They studied 6 major metropolitan areas including Atlanta, Charlotte, Orlando, Las Vegas, Miami, and San Diego.

Here are some of the interesting things they found:

1. Of these 6 areas, Atlanta had the highest vacancy rate at 7.3% for 2007
2. Of these 6 areas, San Diego had the lowest vacancy rate at 3.5% for 2007
3. Of these 6 areas, Charlotte has seen the largest % decrease in vacancy rate from 2006 rates. From 9.2% to 7.4%
4. The highest percent rent increase from 2003-2007 was Orlando at 22% increase in rental prices
   1. Atlanta rent increase from 2003 - 2007 was 3.5%
   2. Charlotte rent increase from 2003 - 2007 was 3.5%
   3. San Diego rent increase from 2003 - 2007 was 17.4%
   4. Miami rent increase from 2003 - 2007 was 19.6%
   5. Las Vegas rent increase from 2003 - 2007 was 19.6%

4) Click on Graph to enlarge:

We feel the markets that have had the highest percent increase in rent, will see an increase in vacancy rates for 2008 and 2009. The rental prices for these markets will continue to grow but at a much slower pace than in the past.