Cheap Apartment Rental

The Philadelphia Apartment Market The Philadelphia economy has always been very stable, according to Joseph Brecher, executive vice president at Gebroe-Hammer Associates, which recently closed two transactions in Philadelphia, involving a total of 209 units for $10 million. The diversity of the economy means there is not one single factor driving it. "That's why office vacancy rates haven't been as large as other markets," says B ... read more>>   PRG Pays $65 Million for Two Apartment Communities in Inland Empire Citing the continued upside potential for rental properties in Southern California, Phoenix Realty Group (PRG) has now acquired 10 apartment communities across the region in the past year with the recent purchases of the $34.5-million Windrush Village Apartments in Colton, Calif., and the $30.8-million Galleria at Towngate Apartments in Moreno Valley, Calif. PRG now owns more than 3,200 SoCal re ... read more>> Oklahoma Apartment Fundamentals Steadily Improving Yesterday I blogged about the improvement being seen in the national apartment market as evidenced by declining cap rates, and today I want to take a quick look at the current state of the Oklahoma apartment markets. Last year, both Oklahoma City and Tulsa experienced the beginnings of recovery in their apartment markets as vacancy began to slowly decline and rental rates stabilized. According to ... read more>>   Leasing Agents On Rise With sales down, firms add rental specialists Until the housing market crash, Prospect Equities Inc. had never completed a residential leasing transaction. The Oak Brook-based real estate firm’s focus had been home sales, but the downturn left CEO Richard Killian looking for other ways to boost revenue. In a bet that the rental market was on the upswing, Mr. Killian started hiring leasing agen ... read more>>

New Credit Check Apartment edition... Getting Ahead of An Apartment Crunch In the face of record vacancies and plunging rents, AvalonBay is starting to put up new buildings. Crazy or crazy smart? Kristin Davie misses her freedom. The 22 year old has been living with her parents in Colonia, N.J., since graduating from Marist College in May. She and two friends set a deadline of September to find jobs and a New York City apartment they could afford to share. September's ... read more>> Chicago Tribune Buys Apartment Rental Service Expanding the reach of its real estate publishing businesses, the Chicago Tribune has purchased Relocation Consultants Inc. Oak Brook, Ill. based Relocation Consultants, known as RELCON, is the largest apartment rental service and the largest publisher of apartment guides in the Chicago metropolitan area. RELCON publishes free monthly and quarterly apartment guides and provides personal consul ... read more>> Chicago Developer Proposes $100 Plus Million Minneapolis Apartment Tower The Minneapolis apartment market is already feverish, but is it ready for a Chicago-style high-rise rental project? The Chicago-based Magellan Development Group is proposing a 36-story, 355-unit apartment tower on a site once envisioned for a condo tower. Brian Gordon, a vice president with Magellan Development, said that the project budget would be “over $100 million.” The site is at 1368 LaSall ... read more>> Apartments Now With rents under pressure, it takes some guts to buy an apartment REIT. Pity the poor landlord. With interest rates low, middle class families are moving out of apartments and into their own homes and condos. Last year real estate investment trusts specializing in apartment buildings suffered an average 8% decrease in funds from operations, an industry statistic that measures profitability. Gree ... read more>> Apartment Vacancy Across The Twin Cities Hits Five-Year Low Apartment vacancy across the Twin Cities has fallen to 3.1 percent, a five-year low, according to Minneapolis-based Marquette Advisors. A year ago, local apartment vacancy stood at 6.1 percent. According to the latest data, 1,180 more local apartments were occupied at the end of March than were sitting empty at the beginning of the year. Marquette Advisors reported absorption of 6,433 units duri ... read more>>