> June 2009 Apartment Market Update

In the midst of what has been a severe and prolonged economic contraction characterized by an accelerating pace of job losses, conditions in the apartment market continued to soften considerably during the first quarter of 2009. Weak labor market conditions contributed to negative net absorption and a falling occupancy rate, which was reflected in a decline in effective rents. At the same time, new supply continued to come on the market at a steady rate, though by year-end 2008 planned additions to supply in 2009 and subsequent years had been scaled back considerably.

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