This marks the smallest quarterly decline since rates began to occupancies began to fall from the third quarter of 2000. At that time, the market was 98.3% occupied.
''When compared to the 2.5% fall in the third quarter of 2001, hopefully (this) indicates a leveling off of this once burgeoning market,'' according to RealFacts.
Average rental rates are remaining stable, however.
RealFacts surveyed 92 large apartment complexes, and they showed a decrease of just $1 during the first quarter to $699 per month, and only a 0.9% reduction overall in the past 12 months.
''Rents are market-driven in response to supply and demand,'' the report notes. ''More than 3,000 new units were added to this market in the last two years.''
Some renters took advantage of lower mortgage rates, which led to record home sales, ''but it appears that the downward pressure has ceased,'' RealFacts notes.
The report also raises concerns about the rising unemployment rate that stood at 6.6% in February, ''3.5% higher than the same period a year before.''
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