For September itself, the numbers are even more dramatic. There were 461 permits issued, compared with 2,192 in September 2001, a 70.97% drop. Permits represent future building activity.
Steve Rahe, an apartment broker with CB Richard Ellis, says if this slowdown continues, the market could be more in balance in terms of supply and demand around the fourth quarter of 2003.
"Of course, what is really key is job growth," Rahe tells GlobeSt.com. "No one can really predict what job growth will be, but that is what it will take to turn the apartment market around."
For the next several quarters, Rahe expects apartment vacancy rates, already at a 12-year high, to continue to rise.
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