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Rents At Downtown Apartment Buildings Rising

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The downtown rental market continues to heat up. Crain's is reporting, behind their paywall, that the average rent for Class A apartment buildings has increased to $2.57/square foot in the second quarter, up 5.8 percent from a year ago. Also, the nearly insatiable demand for downtown rental units has pushed the occupancy rate at Class A properties to 96 percent. Class B buildings also fared well, with an occupancy rate of 94.7 percent and average rent at all time high of $2.22/square foot. Even with an expected inventory of 7,000 apartments on the market by the end of 2014, Ron DeVries of Appraisal Research Counselors predicts that next year rents will plateau rather than experience a decline. [Crain's]