from this morning's San Diego Business Journal (9/16):
San Diego Still Among Top 10 Rental Markets
By MICHELLE MOWAD - 9/15/2008
San Diego Business Journal Staff
"San Diego fell five spots to rank as the 10th best apartment market in the nation for rentals, according to Marcus & Millichap’s annual apartment report released this month.
The firm said tight conditions and healthy revenue growth kept San Diego in the top 10, but said cooling employment growth resulted in the drop in the rankings.
Marcus & Millichap explained that the local apartment market is expected to post modest improvements this year.
It said expensive homes and a more conservative lending environment will continue to drive the demand for apartments this year.
In addition, rising building costs will again restrain construction of new apartments.
Some 1,200 units will be delivered in San Diego in 2008 compared with 900 units last year.
San Diego also ranked in the top 10 of markets with the lowest vacancy rates, according to Marcus & Millichap." ...
for the complete story
For the complete report on the San Diego apartment market, contact Ruth.
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