| Apartment Market Updates |
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Altough employment numbers remain down for most markets, several cities are seeing stronger than anticipated demand for traditional apartment rentals indicating that the shadow market's supply of competing rentals may be shrinking. Renters may also be realizing the advantages of a professionally management apartment community and their ammenities versus an individually owned condominium.
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Greensboro
Real Data
10-20-2009
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Development activity finally slows down...
Over the past two years developers have built over 4,300 new units which has helped push vacancies to nearly 14%. Fortunately, there are less than 700 units currently underway which should signal the worst is behind us ... Read More |
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Real Data
10-01-2009 |
Strong demand with limited supply growth...
The area saw its strongest absorption levels in five years which enabled the first rise in occupancies since 2007. A slow development pipeline will help the market to continue to improve in the coming year... Read More |
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Charleston
Real Data
09-30-2009 |
Charleston hits all-time high for rental demand...
Charleston area reports highest absorption ever recorded over the last six months. Occupancy rates improved more than four percentage points after bottoming out in early 2009... Read More |
| Regional News Updates |
National
Wall Street Journal
10-06-2009 |
Apartment glut expands nationally
Apartment vacancies hit their highest point since 1986, surging in cities from Raleigh, N.C., to Tacoma, Wash., as rising unemployment continued to chip away at demand during the traditionally strong summer rental months.... Read More |
National
Wall Street Journal
10-07-2009 |
Fed frets about commercial real estate
Banks in the U.S. "are slow" to take losses on their commercial real-estate loans being battered by slumping property values and rental payments, according to a Federal Reserve presentation to banking regulators last month.... Read More |
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Jacksonville
Florida Times Union
10-05-2009
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Rents drop as Jacksonville apartment vacancies remain high
Vacancy rates in Jacksonville's apartments remained high this summer - staying above 10 percent since summer 2007 - and different apartment complexes are taking different strategies to get new people to move in... Read More |
Tampa
Tampa Bay Business Journal
09-29-2009
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Cypress Gardens and Splash Island Water Park close
Cypress Gardens and Splash Island Water Park in Winter Haven ceased operations on Sept. 23. The iconic, 150-acre theme park — one of Florida’s oldest tourist attractions — was known for its water skiing shows, Southern Belles, rides, zoo and gardens... Read More
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WinstonSalem
Triad Business Journal
10-07-2009
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Dell closing plant, 905 jobs lost
Dell plans to close its Winston-Salem factory and lay off about 905 employees by January. The news is a shock to the Triad, which mounted an unprecedented recruitment effort in 2004 to land what was to become the computer maker's most advanced manufacturing plant when it opened in 2005... Read More
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Hampton Roads
the Virginian-Pilot
10-23-2009
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Ripple effect of Franklin Mill closing could be a loss of 3,500 jobs
Double-digit unemployment. More than 3,000 jobs gone. Nearly $33 million a year in lost tax revenue. Two years or more of lingering pain.The economic after effects of the closing of the International Paper Co. mill near Franklin (in Isle of Wight County) next year will strike deep and last long, officials and economists predicted Friday... Read More
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Tampa
Tampa Bay Business Journal
10-19-2009 |
USAA expands in Tampa, adds 200 jobs
USAA unveiled plans to add financial advice and banking to its insurance call center operations in Tampa. The company will fill some of the 200 new positions with current USAA employees. The company’s Tampa office currently employs 1,772 people... Read More |
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Star News
10-06-2009 |
Strong growth predicted for Wilmington in 2010
The Cape Fear economy is expected to grow about 4 percent next year with most of the growth across the board and during the first half, UNCW senior economist William “Woody” Hall said... Read More |
Orlando
Orlando Business Journal
09-18-2009 |
Baldwin Park-area apartments sell for $20.8M
The sale of a single 212-unit apartment complex on Orlando’s east side has one of the area’s top real estate brokerages talking about a market turnaround. .... Read More |
Charleston
Charleston Regional Business Journal
10-14-2009 |
Home sales up 6%, median price continues downward slide...
Home sales in the tri-county bounced back in September, increasing 6% from August to 697 sales closed. The numbers are still lower than June and July’s numbers, which were 796 and an adjusted 779, respectively, but up 7% compared with September 2008.... Read More |
