Posted December 25, 200618 yr i saw this info on bfd blog: Frank Mills emails an excerpt from the 2007 National Apartment Report, Marcus & Millichap, Phoenix, AZ: This doesn’t fit into nay of my blogs, but I thought you might be interested in these projections for Cleveland from Marcus & Millichap, a real estate investment brokerage: Employment rate for ‘07 (projected): -0.1 Cleveland, along with Detroit, are the only two cities to have a projected negative employment growth for 2007. Both are -0.1. This after a small gain (0.3) in 2006. Cleveland National Apartment Index (NAI) (projected): Rank - 39, out of 42. Columbus, Detroit, and Cincinnati, rank 40, 41, & 42 respectively. Obviously the eastern portion of the Midwest market is not doing well. The NAI is a snapshot rank of supply and demand in the apartment market. Cleveland’s weakness is in demand, not supply. The condo market conversion is also at the end of its supply & demand boom, both nationally and in Cleveland. Cleveland metro apartment vacancies will, however, decline according to projections. That said, the highest vacancy declines will be in the western suburbs, with Cleveland having experiencing the least vacancy decline. Rents are expected to grow by 3.3 percent, yet real income growth will remain stagnant or decline. Home prices will continue to soften, affecting apartment demand. Class-A apartment demand will be strong in affluent areas, as they will not have to compete with high prices for single-family homes. Overall, “outer-suburban” areas such as Euclid and Lyndhurst will see the most rent growth, approaching 5 percent. Such as it is, there it is.
December 25, 200618 yr How reliable is this reporting outfit? Overall, “outer-suburban” areas such as Euclid and Lyndhurst Were those your words or theirs? Either way, that's a pretty odd definition of "outer suburban"! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 25, 200618 yr How reliable is this reporting outfit? Overall, “outer-suburban” areas such as Euclid and Lyndhurst Were those your words or theirs? Either way, that's a pretty odd definition of "outer suburban"! not my words - here's the link: http://www.brewedfreshdaily.com/2006/12/22/negative-growth-predicted-for-cleveland-2k7/ here's another tidbit off bfd via some blogger -- i dk how reliable it is, but it is intersting: The National Low Income Housing Coalition “Out of Reach” Report came out earlier this month. It shows us with detailed numbers why homelessness is on the rise in America. With a severe shortage of housing that is subsidized by the federal government, it is very difficult for many to keep their housing when rents keep increasing. The new report shows that an individual must make $11.21 per hour in order to afford a one bedroom apartment in Cleveland. The increase in the minimum wage will allow lower income people to take 20 hours off their work week and still be able to afford housing in Ohio. A renter looking for an apartment with two bedrooms must work 79 hours making minimum wage in 2007 in Cleveland in order to afford the fair market rent. In 2006, that same individual had to work 105 hours in order to afford rent in Cleveland. Thanks to the voters of Ohio those making minimum wage will only have to work two full times jobs instead of 2.5 jobs. link: http://clevelandhomeless.blogspot.com/2006/12/out-of-reach-report-out-hud-funds-not.html
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