Downtown apartment landlords raised rents to a second consecutive record last quarter. The average gross rent at top quality “Class A” apartment buildings rose to $2.31 a square foot in the second quarter up 1.8% from the previous quarter and 3.6% from the year-earlier according to a report by Appraisal Research Counselors (Crain’s Aug. 20).
With an average Class A unit measuring 920 square feet, that puts monthly rent at about $2,125. Occupancies jumped to 95.4% from 93.4% from the first quarter, but remained lower than the year-earlier period of 97.5%.
Rents are likely to continue rising, perhaps as much as 7% for the year, as there won’t be a large number of new apartments added to the market until 2008, says Ron DeVries, a VP with Appraisal Research. In 2008 there are 6,227 units planned at 16 projects, though Appraisal Research estimates in a report that only 3,099 of those will get built.
In reviewing the above, there may be some upside potential to investors looking to buy condos in the downtown area.
FOR ADDITIONAL INFORMATION
CALL: DICK TOBIN
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CALL: DICK TOBIN
(847)301-3157
EMAIL: dick@dicktobin.com
Web Site: www.dicktobin.com
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