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Jacksonville,FL - The market has begun to improve with its stongest demand in several years. However, the weak national economy and new development activity will slow the recovery for the apartment sector.
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Wilmington
Although demand remained relatively strong, new supply outpaced absorption resulting in a rise in vacancies and stagnant rent growth.
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Greenville-Spartanburg
A surge in new development has pushed overall vacancies to 10.3%, however newer stabilized community vacancies remain under 7%.
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Tampa Bay
The stalled condo-conversion market continues to impact the supply-side of the rental market.
The market has stabilized with occupancies and rent growth expected to improve in the coming year.
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Norfolk-Va.Beach
Although demand has been weak over the last year, rent growth remains strong. Vacancy rates have risen in recent years but remain relatively low compared to many southeast cities.
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