Sarah McKenzie

Apartment survey shows stable rents, falling vacancies

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Despite the condo boom, the Downtown apartment market remained good for renters and a bit brighter for landlords headed into 2005.

The average monthly rent for a Downtown apartment was basically flat in 2004, according to a new report by the Residential Group of GVA Marquette Advisors, 333 S. 7th St.

For landlords, the apartment vacancy rate fell from 6.8 percent in December 2003 to 5 percent last year at the end of 2004.

Among the possible explanations: condo conversions that took apartment units off the market.

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