DETROIT- A Detroit Metropolitan apartment market report says owners shouldexpect a 4.5% increase in rents and a 5% increase in salesprices over the next year.

The report, issued by Marcus and Millichap of Southfield, MI, says that leadership in the multi-family market is moving from class A to class Band C properties, while established class A complexes face competition from home ownership andnewly constructed properties, which offer larger units and morecomprehensive amenity packages.

Apartment completions dropped 33% in 1999, but are expected toincrease by 10% in 2000. Average vacancy dropped by about 1% in the last year to 2.9%.

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