While a surge in apartment construction downtown has had analysts prognosticating about a bubble in downtown rentals, the most recent data suggests that the market remains strong.
Rents for downtown apartments hit a new high in the first quarter of this year for top-tier buildings. Rents rose to $2.85 per square foot, up 5.6 percent from the previous year according to a report from the Appraisal Research Counselors. Occupancy slide slightly over the same period, however, to 94.3 percent from 95.1 percent.
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