The vacancy rate will continue to slowly increase until it peaks, and then start to decrease in mid-2003, the report says.
''Rent growth will follow a similar pattern, decreasing to 3% in 2002, then beginning to strengthen as vacancy rates improve in 2003,'' according to the report.
Hendricks & Partners says the soft market will curtail some new development, with 4,000 to 6,000 new units expected to come on line this year.
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