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April 17, 2008

arrowWhere are they going?

A survey by RealFacts notes apartment vacancy rates are increasing and questions why. With all the foreclosures, wouldn't the demand for apartments be soaring?

Apparently not. And it's because many of those households are renting single-family houses. That, in combination with a slowing economy that is forcing people to double up or move in with family members, is causing apartment vacancies to rise slightly in Fresno, said Marc Wilson, owner of San-Mar Properties.

RealFacts says the average occupancy in Fresno has fallen almost 1% in a year. Thus, more landlords are offering move-in specials and other concessions to renters. All this hasn't been enough to cause rent decreases though; RealFacts says the average rent climbed 2.6% over the last year.



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