Report: No recovery for multifamily properties until 2011

12/11/2009 | Reuters

Apartment rents in the U.S. won't start growing until in 2011, and vacancies will remain at historically high levels through 2010, according to a report by CBRE Econometric Advisors. "Overall, the U.S. apartment market remains in uncharted waters with vacancies at high levels historically, amid continued job losses and a glut of housing for rent and for sale," said Gleb Nechayev, the advisory firm's senior economist. "While the economic outlook does call for job growth to resume next year, vacancy rates will remain at historically elevated levels in most markets."

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