Apartments start to feel effects of housing slump

08/20/2008 | Wall Street Journal, The

The housing slump seems to be affecting the apartment sector. Until now, rental properties had shrugged off the credit crunch that has hampered much of the real estate sector. "In many markets, our new prospects are beginning to resist the current and increasing levels of market rents we've enjoyed over the past quarter," said David Neithercut, chief executive of Equity Residential.

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