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PALO ALTO, CA-Silicon Valley property owners still have reason to smile. According to athird-quarter report by locally-based broker Marcus & Millichap Investment Brokerage Co., the Santa Clara County multifamily market is still extremely strong.

Area vacancy is at an all-time low of 1.9%, according to the report, resulting in a 9% rental rate increase between April 1999 and April 2000. The brokerage forecasts another half-point drop in vacancy, which could further raise rental rates.

The broker also reported that permits for 1,500 apartments were issued during Q1 of 2000, compared to 375 during the same period last year.

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