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Editor's note: We apologize for the focus problem in the accompanying video. It was a cold day and our equipment wasn't as happy about the weather conditions as we were.
Apartment investors are glad to put 2009 behind them. It was a rough year, with a 20-year record level of new construction pushing already high vacancies higher and rents lower. Investors are looking forward to next year, when we expect developers will open the fewest number of new units in 50 years.
That will give property managers an opportunity to trim vacancies and start increasing rents again, as long as our region is creating jobs again. But we have to get through this year first, and it won’t be easy.
So to start the year off, this article looks at how the investment market changed during 2009. Actually, we’re lucky we can do that. There weren’t a lot of apartment sales last year. In fact, investors bought the fewest number of apartment units in 2009 since 1976.
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