Jean Anderson – Managing Director - J.P. Morgan Sean ... · Orange County 3.9% Denver 4.0% Seattle-Tacoma 4.0% U.S. Average 5.0% Bottom 15 Metros 2012* Vacancy Tampa 5.8% Dallas-Ft

MARKETS AROUND the COUNTRY

Jean Anderson – Managing Director - J.P. MorganSean Breslin – Executive Vice President - AvalonBay CommunitiesWes Fuller – Managing Director - GreystarEdward Pettinella – President and CEO - Home Properties

Moderator: Hessam NadjiManaging Director – Institutional Property Advisors (A Marcus & Millichap Company)

Apartment Vacancy Change from 2009Rank by Metro

Top 15Metros

2011*Vacancy

Bps. Chg.(2009)

Austin 5.0% -510

Jacksonville 9.5% -490

Charlotte 6.6% -470

Phoenix 7.6% -470

Dallas-Ft. Worth 6.6% -440

Tampa 6.3% -440

Orlando 7.1% -410

Tucson 8.2% -400

Indianapolis 6.2% -390

Portland 3.1% -380

Denver 4.3% -370

Houston 8.8% -350

Atlanta 8.3% -340

Las Vegas 7.8% -340

Fort Lauderdale 5.4% -320

U.S. Average 5.4% -260

Bottom 15Metros

2011*Vacancy

Bps. Chg.(2009)

Sacramento 5.2% -210

Salt Lake City 5.1% -210

San Jose 3.0% -210

Chicago 4.7% -200

Washington, D.C. 4.4% -190

Oakland-East Bay 4.0% -180

San Diego 3.2% -170

Columbus 7.6% -160

San Francisco 3.4% -140

Los Angeles 4.0% -130

Miami 4.9% -120

Milwaukee 4.0% -110

New Jersey 3.8% -110

New Haven-F.C. 4.0% -60

New York 2.4% -50


* Preliminary EstimateSources: Marcus & Millichap Research Services, Reis

Regional Apartment Vacancy Trends2011

Note: Basis point change represents change in vacancy from 2010Sources: Marcus & Millichap Research Services, REIS

Southeast6.3%

-120 bps

Northeast3.7%

-100 bpsMidwest5.2%

-120 bpsMountain

6.6%-160 bps

Pacific4.0%

-100 bps

Southwest7.2%

-190 bps

2011 Apartment Vacancy Change Rank by Metro

Top 15Metros

2011Vacancy

YOY Chg.Bps.

Phoenix 7.6% -210

Austin 5.0% -200

Houston 8.8% -200

Tucson 8.2% -200

Charlotte 6.6% -180

Indianapolis 6.2% -180

Kansas City 6.2% -180

Dallas-Ft. Worth 6.6% -170

Tampa 6.3% -160

Atlanta 8.3% -150

Jacksonville 9.5% -150

Orlando 7.1% -150

Portland 3.1% -140

Salt Lake City 5.1% -140

San Antonio 7.0% -140


Bottom 15Metros

2011Vacancy

YOY Chg.Bps.

Sacramento 5.2% -100

Los Angeles 4.0% -90

New Jersey 3.8% -90

San Francisco 3.4% -90

Chicago 4.7% -90

Cleveland 4.7% -90

St. Louis 6.7% -90

Louisville 4.5% -80

Miami 4.9% -80

San Jose 3.0% -80

New York 2.4% -70

Washington, D.C. 4.4% -70

Palm Beach 6.9% -60

Milwaukee 4.0% -50

Oakland-East Bay 4.0% -50


Sources: Marcus & Millichap Research Services, Reis

2012 National Apartment ForecastVacancy Rank by Metro

Top 15Metros

2012*Vacancy

New York 2.3%

Portland 2.7%

Minneapolis 2.8%

San Jose 2.8%

San Francisco 3.1%

New Jersey 3.4%

Oakland-East Bay 3.4%

San Diego 3.4%

Boston 3.5%

Los Angeles 3.5%

New Haven-F.C. 3.7%

Milwaukee 3.8%

Orange County 3.9%

Denver 4.0%

Seattle-Tacoma 4.0%

U.S. Average 5.0%

Bottom 15Metros

2012*Vacancy

Tampa 5.8%

Dallas-Ft. Worth 6.0%

Indianapolis 6.0%

St. Louis 6.3%

Charlotte 6.4%

Palm Beach 6.4%

San Antonio 6.4%

Orlando 6.8%

Columbus 7.0%

Las Vegas 7.0%

Phoenix 7.0%

Tucson 7.5%

Atlanta 7.9%

Houston 8.0%

Jacksonville 8.8%

U.S. Average 5.0%

* ForecastSources: Marcus & Millichap Research Services, Reis

Panel Response and Discussion

U.S. Apartment Absorption by Class

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-50

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200

00 01 02 03 04 05 06 07 08 09 10 11*

Class A Class B/C

Num

ber o

f Uni

ts (0

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* Trailing 12-month period through 3QSources: Marcus & Millichap Research Services, Reis

$50

$75

$100

$125

$150

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

$1M-$10M $10M-$20M $20M+

Med

ian

$/U

nit (

Ths.

)Apartment Pricing Trends by Tranche

Median $/Unit

Sales $1 million and greaterSources: Marcus & Millichap Research Services, Costar Group, Inc., Real Capital Analytics

4%

5%

6%

7%

8%

9%

2004

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2007

2008

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2011

Primary Secondary Tertiary Preferred

Aver

age

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Sales of $5 million and greaterPreferred Markets Include: NY, DC, BOS, SD, LA, OC, SJ, SF, SEASources: Marcus & Millichap Research Services, RCA

Re-pricing of Risk by Quality Reflected in Apartment Cap Rate Trends by Market

U.S. Apartment Cap Rates by Class

4%

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9%

00 01 02 03 04 05 06 07 08 09 10 11

Class AClass B/CClass A Preferred Markets

Aver

age

Cap

Rat

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Sales $5 million and greaterAssumes properties less than 10 years old at time of sales to be Class A,properties older than 10 years assumed to be Class B/CPreferred Markets Include: NY, DC, BOS, SD, LA, OC, SJ, SF, SEASources: Marcus & Millichap Research Services, RCA

National Apartment Rank by MetroClass A – Class B/C Vacancy Rate Spread

Top 15Metros

Class A Vac.

Class B/C Vac.

Bps.Spread

Columbus 4.3% 9.5% 520

Atlanta 6.6% 10.4% 380

Jacksonville 7.4% 11.2% 380

Houston 7.6% 10.6% 300

Phoenix 6.5% 9.2% 270

Dallas-Ft. Worth 5.6% 8.0% 240

Tampa 5.4% 7.6% 220

Indianapolis 5.4% 7.3% 190

St. Louis 5.5% 7.4% 190

San Antonio 6.3% 8.1% 180

Charlotte 6.0% 7.7% 170

Tucson 6.0% 7.7% 170

Detroit 4.7% 6.3% 160

Louisville 3.7% 5.3% 160

Cincinnati 4.7% 6.2% 150

U.S. Average 5.3% 5.9% 60

All vacancies as of 3Q 2011Sources: Marcus & Millichap Research Services, Reis

Bottom 15Metros

Class A Vac.

Class B/C Vac.

Bps.Spread

Orange County 4.6% 4.4% -20

Chicago 5.0% 4.8% -20

Denver 5.4% 5.0% -40

San Jose 3.3% 2.9% -40

Washington, D.C. 4.8% 4.4% -40

Minneapolis 3.0% 2.3% -70

Oakland-East Bay 4.5% 3.8% -70

Philadelphia 5.0% 4.2% -80

Salt Lake City 5.8% 4.9% -90

Portland 3.7% 2.8% -90

San Francisco 4.3% 3.1% -120

Boston 5.0% 3.7% -130

Los Angeles 5.1% 3.8% -130

Inland Empire 6.1% 4.8% -130

San Diego 4.6% 2.7% -190

U.S. Average 5.3% 5.9% 60


National Apartment Rank by MetroMonthly Payment by Spread

Top 15Metros

Class A Ask. Rent*

Mortgage Pmt. Spread

New York $2,930 $5,754 $2,824

San Francisco $2,221 $3,651 $1,430

San Jose $1,722 $2,986 $1,264

Oakland $1,569 $2,706 $1,137

Orange County $1,737 $2,121 $384

Seattle-Tacoma $1,180 $1,488 $308

San Diego $1,658 $1,925 $267

Portland $968 $1,166 $198

Charlotte $906 $1,087 $181

Denver $1,071 $1,205 $134

Salt Lake City $883 $947 $64

Washington, D.C. $1,674 $1,734 $60

New Jersey $1,587 $1,616 $29

Austin $1,014 $1,017 $3

San Antonio $837 $803 -$34

U.S. Average $1,210 $867 -$343* Through 3Q 2011Monthly mortgage payments based upon 3Q 2011 median home prices, 80% LTV, 4.5% interest rate,30-year loan term, 1.5% taxes and insuranceSources: Marcus & Millichap Research Services, Reis, National Association of Realtors

Bottom 15Metros

Class A Ask. Rent*

Mortgage Pmt. Spread

St. Louis $915 $651 -$264

Las Vegas $913 $645 -$268

Inland Empire $1,181 $910 -$271

Boston $2,153 $1,853 -$300

Fort Lauderdale $1,275 $972 -$303

Orlando $985 $665 -$320

Phoenix $912 $590 -$322

Minneapolis $1,138 $814 -$324

Palm Beach $1,304 $979 -$325

Tampa $992 $650 -$342

Cleveland $912 $559 -$353

Chicago $1,379 $943 -$436

Atlanta $958 $519 -$439

Miami $1,368 $922 -$446

Detroit $1,020 $326 -$694

U.S. Average $1,210 $867 -$343

2012* Apartment Unit CompletionsRank by Metro

Top 15Metros

2012*Completions

2012* Vacancy

New York 6,500 2.3%

Dallas-Ft. Worth 5,500 6.0%

Houston 4,800 8.0%

Washington, D.C. 4,700 4.0%

Austin 3,000 4.3%

Atlanta 2,900 7.9%

New Jersey 2,600 3.4%

Denver 2,500 4.0%

Orange County 2,400 3.9%

Indianapolis 2,200 6.0%

Salt Lake City 1,900 4.8%

Seattle-Tacoma 1,900 4.0%

Minneapolis 1,865 2.8%

San Antonio 1,850 6.4%

Los Angeles 1,680 3.5%

U.S. Metro Total 85,000 5.0%

Bottom 15Metros

2012*Completions

2012* Vacancy

Kansas City 525 5.8%

San Jose 520 2.8%

New Haven-F.C. 518 3.7%

Fort Lauderdale 500 5.1%

Jacksonville 500 8.8%

Oakland-East Bay 500 3.4%

San Francisco 480 3.1%

Charlotte 390 6.4%

Louisville 300 4.1%

Detroit 290 5.0%

Tucson 208 7.5%

Palm Beach 200 6.4%

Portland 130 2.7%

Cleveland 125 4.4%

Sacramento - 5.0%

U.S. Metro Total 85,000 5.0%


2011* Apartment Effective Rent Change from 2007Rank by Metro

Top 15Metros

EffectiveRent*

Chg. From 2007

Austin $795 5.4%

Washington, D.C. $1,329 5.1%

Louisville $627 4.8%

Denver $804 3.9%

Boston $1,657 3.4%

San Antonio $668 3.4%

Cincinnati $674 3.2%

Houston $707 3.2%

Seattle $941 3.1%

Philadelphia $993 3.0%

Columbus $634 2.3%

San Diego $1,287 2.1%

Minneapolis $901 2.0%

Kansas City $656 1.9%

Portland $760 1.6%

U.S. Average $975 0.0%

Bottom 15Metros

EffectiveRent*

Chg. From 2007

Tampa $772 -1.4%

Jacksonville $743 -1.7%

Sacramento $854 -2.4%

Detroit $750 -2.7%

Phoenix $692 -2.9%

Orange County $1,442 -3.1%

Palm Beach $1,014 -3.2%

Oakland-East Bay $1,227 -3.3%

Fort Lauderdale $1,018 -3.6%

Los Angeles $1,329 -3.8%

San Jose $1,409 -4.0%

Orlando $784 -4.2%

Miami $1,014 -4.5%

Inland Empire $967 -5.7%

Las Vegas $743 -9.3%

U.S. Average $975 0.0%

* As of 3QSources: Marcus & Millichap Research Services, Reis


Submarket Rankings and Examples of Variations Between Metros and Submarkets

Ranking of 846 apartment submarkets across 44 metros based on 2011 vacancy rate

2011 Apartment Submarket Ranking Lowest Vacancy Submarkets Across the U.S.

Top 15Submarkets Market

2011Vacancy

MetroVacancy

Bronx County New York 0.7% 2.4%

Upper East Side New York 1.2% 2.4%

Davis Sacramento 1.2% 5.2%

New Haven Harborside New Haven-F.C. 1.5% 4.0%

El Cajon/Santee/Lakeside San Diego 1.7% 3.2%

Campbell/Los Gatos San Jose 1.7% 3.0%

Lincoln Park Chicago 1.8% 4.7%

North Haven/Wallingford/Meriden New Haven-F.C. 1.8% 4.0%

North Marin San Francisco 1.8% 3.4%

Greenfield/Greendale/Franklin Milwaukee 1.9% 4.0%

Foxchase/Lawndale Philadelphia 1.9% 4.4%

Upper Bucks County Philadelphia 1.9% 4.4%

Balboa Park/West of I-15 San Diego 1.9% 3.2%

Dupont Circle/Adams Morgan Washington, D.C. 1.9% 4.4%

Northeast Minneapolis 2.0% 2.6%

U.S. Average 5.4%

Note: Total 846 submarkets included in the analysis Sources: Marcus & Millichap Research Services, Reis

2011 Apartment Submarket Ranking Highest Vacancy Submarkets Across the U.S.

Bottom 15Submarkets Market

2011Vacancy

MetroVacancy

Southeast Columbus 13.6% 7.6%

I-20 West Atlanta 13.7% 8.3%

East Fort Worth Dallas-Ft. Worth 13.9% 6.6%

Baytown Houston 13.9% 8.8%

Grove City Columbus 14.2% 7.6%

Northwest/441 Orlando 14.2% 7.1%

Heights Houston 14.5% 8.8%

Lake Shore Jacksonville 15.1% 9.5%

South Dallas Dallas-Ft. Worth 15.3% 6.6%

Southwest Kansas City Kansas City 15.4% 6.2%

North Houston Houston 15.6% 8.8%

Southeast San Antonio 15.7% 7.0%

Greater Arlington Jacksonville 15.9% 9.5%

South DeKalb Atlanta 17.8% 8.3%

San Jacinto/Galena Park Houston 18.3% 8.8%

U.S. Average 5.4%

Note: Total 846 submarkets included in the analysis Sources: Marcus & Millichap Research Services, Reis

Highest VacancySubmarkets Low Vacancy Metros

Submarket Vacancy

Metro Vacancy

Bala-Cynwyd Philadelphia 8.6% 4.4%Palmdale/Lancaster Los Angeles 7.0% 4.0%Aurora-Central-Southwest Denver 7.0% 4.3%Placentia/Northeast Anaheim Orange County 6.7% 4.3%City West Milwaukee 6.5% 4.0%North Alameda Oakland-East Bay 5.8% 4.0%Northwest/Downtown Portland 5.6% 3.1%Downtown San Diego San Diego 5.4% 3.2%Washington County Minneapolis 5.0% 2.6%West San Francisco San Francisco 4.9% 3.4%

Highest vacancy submarkets in select low vacancy marketsNote: Total 846 submarkets included in analysisSources: Marcus & Millichap Research Services, Reis

2011 Apartment Submarket RankingHighest Vacancy Submarkets in

Low Vacancy Metros

Lowest VacancySubmarkets High Vacancy Metros

Submarket Vacancy

Metro Vacancy

Ocean Beaches Jacksonville 2.2% 9.5%Olathe/Gardner Kansas City 2.6% 6.2%Spring Valley Las Vegas 3.5% 7.6%University/Downtown Columbus 3.5% 7.8%Brandon/Plant City Tampa 3.8% 6.2%South Scottsdale Phoenix 4.2% 6.2%Sugar Land/Fort Bend County Houston 4.5% 6.7%North Pineville Charlotte 4.5% 8.8%Garland Dallas-Ft. Worth 4.6% 7.6%West Altamonte Springs Orlando 4.9% 7.1%

2011 Apartment Submarket RankingLowest Vacancy Submarkets in

High Vacancy Metros

Lowest vacancy submarkets in select high vacancy marketsNote: Total 846 submarkets included in analysisSources: Marcus & Millichap Research Services, Reis


MARKETS AROUND the COUNTRY

Jean Anderson – Managing Director, J.P. MorganSean Breslin – Executive Vice President, AvalonBay CommunitiesWes Fuller – Executive Director, GreystarEdward Pettinella – CEO, Home Properties, Inc.

Moderator: Hessam NadjiManaging Director – Institutional Property Advisors (A Marcus & Millichap Company)

2011 Detroit Apartment Submarket Vacancy Ranking

Top 5Submarkets

2011*Vacancy

YOY Chg.Bps.

Oak Park/Royal Oak 3.1% -90

Ann Arbor 3.4% -150

Westland 3.9% -140

Farmington Hills 4.4% -110

Macomb County 4.4% -100

Metro Average 5.6% -130

Bottom 5Submarkets

2011*Vacancy

YOY Chg.Bps.

Midtown/West Detroit 11.7% -190

Downtown 8.8% -90

Novi/Livonia 7.9% -30

Pontiac/Waterford 6.4% -170

Dearborn/Dearborn Heights 6.2% -170


*4Q EstimateSources: Marcus & Millichap Research Services, Reis

2011 Houston Apartment Submarket Vacancy Ranking

Top 5Submarkets

2011*Vacancy

YOY Chg.Bps.

Sugar Land/Fort Bend County 4.5% -190

Bellaire/West University 5.1% -200

Katy/Bear Creek 5.5% -210

North Loop East/Sheldon 5.9% -230

Kingwood/Lake Houston 6.4% -320


Bottom 5Submarkets

2011*Vacancy

YOY Chg.Bps.

San Jacinto/Galena Park 18.3% 330

North Houston 15.6% -370

Heights 14.5% -380

Baytown 13.9% -360

Spring/Champions 13.0% -270


*4Q EstimateSources: Marcus & Millichap Research Services, Reis

2011 Apartment Unit Completions as Percentage of Total Inventory Rank by Metro

Top 15Metros

Comp. as % of Inventory

2011* Vacancy

Salt Lake City 1.2% 5.1%

Indianapolis 1.1% 6.2%

New Haven-F.C. 1.1% 4.0%

New York 1.1% 2.4%

Columbus 0.9% 7.6%

Kansas City 0.9% 6.2%

Charlotte 0.8% 6.6%

Washington, D.C. 0.6% 4.4%

Palm Beach 0.6% 6.9%

Oakland-East Bay 0.6% 4.0%

Atlanta 0.5% 8.3%

San Antonio 0.5% 7.0%

Las Vegas 0.5% 7.8%

Dallas/Fort Worth 0.5% 6.6%

Seattle-Tacoma 0.5% 4.6%

U.S. Average 0.4% 5.4%


Bottom 15Metros


2011* Vacancy

Fort Lauderdale 0.2% 5.4%

Inland Empire 0.2% 5.2%

Chicago 0.1% 4.7%

Phoenix 0.1% 7.6%

Jacksonville 0.1% 9.5%

Cleveland 0.1% 4.7%

Sacramento 0.1% 5.2%

Portland 0.1% 3.1%

Tampa-St. Petersburg 0.1% 6.3%

San Francisco 0.1% 3.4%

Philadelphia 0.0% 4.4%

Orange County 0.0% 4.3%

Detroit 0.0% 5.6%

Louisville 0.0% 4.5%

Tucson 0.0% 8.2%


2011 Apartment Unit Completions Rank by Metro

Top 15Metros

Total Completions

2011* Vacancy

Dallas-Ft. Worth 2,900 6.6%

Washington, D.C. 2,430 4.4%

Atlanta 2,000 8.3%

Los Angeles 1,870 4.0%

New York 1,755 2.4%

New Jersey 1,527 3.8%

Indianapolis 1,215 6.2%

Columbus 1,154 7.6%

Seattle-Tacoma 1,120 4.6%

Houston 1,100 8.8%

Kansas City 1,027 6.2%

Salt Lake City 992 5.1%

Denver 838 4.3%

Charlotte 825 6.6%

Oakland-East Bay 816 4.0%

U.S. Average 39,000 5.4%


Bottom 15Metros

Total Completions

2011* Vacancy

Miami 273 4.9%

Milwaukee 239 4.0%

Inland Empire 220 5.2%

Fort Lauderdale 150 5.4%

Cleveland 140 4.7%

Jacksonville 100 9.5%

Sacramento 100 5.2%

Tampa 100 6.3%

Philadelphia 100 4.4%

Orange County 93 4.3%

San Francisco 76 3.4%

Portland 70 3.1%

Detroit - 5.6%

Louisville - 4.5%

Tucson - 8.2%

U.S. Average 39,000 5.4%

Multifamily StartsLast Six Months* Ranked by YOY Percent Change

Top 15Metros

YOY %Chg.**

Total Starts

Phoenix 313% 1,389

Fort Lauderdale 246% 543

Kansas City 212% 817

Inland Empire 206% 827

San Francisco 171% 1,532

Denver 164% 1,750

Cincinnati 118% 425

Palm Beach 115% 228

New Haven-F.C. 110% 418

Philadelphia 99% 1,164

Washington, D.C. 85% 4,318

Sacramento 78% 427

Jacksonville 73% 276

Columbus 71% 781

Houston 70% 3,265

U.S. Average 31% 96,250

* Period from June 2011 to November 2011**Change from June 2010 to November 2010 Period Sources: Marcus & Millichap Research Services, U.S. Census Bureau

Bottom 15Metros

YOY %Chg.**

Total Starts

Salt Lake City 24% 708

Dallas-Fort Worth 15% 4,265

New Jersey 14% 10,343

New York 10% 5,831

Indianapolis 4% 533

Seattle-Tacoma 3% 2,044

Las Vegas 0% 585

San Jose -4% 1,279

Minneapolis -8% 397

Louisville -17% 293

Miami -28% 888

Tucson -29% 159

Charlotte -35% 477

Milwaukee -53% 211

Orlando -61% 355

U.S. Average 31% 96,250

Multifamily StartsLast Six Months* Ranked by Total Starts

Top 15Metros

YOY %Chg.**

Total Starts

New Jersey 14% 10,343

New York 10% 5,831

Washington, D.C. 85% 4,318

Dallas-Fort Worth 15% 4,265

Los Angeles 26% 3,310

Houston 70% 3,265

Austin 33% 2,790

Seattle-Tacoma 3% 2,044

Denver 164% 1,750

San Francisco 171% 1,532

Phoenix 313% 1,389

San Diego 48% 1,387

Boston 66% 1,380

San Antonio 66% 1,342

Tampa-St. Petersburg 24% 1,313

U.S. Average 31% 96,250

Period from June 2011 to November 2011**Change from June 2010 to November 2010 Period Sources: Marcus & Millichap Research Services, U.S. Census Bureau

Bottom 15Metros

YOY %Chg.**

Total Starts

Fort Lauderdale 246% 543

Indianapolis 4% 533

Charlotte -35% 477

Sacramento 78% 427

Cincinnati 118% 425

New Haven-F.C. 110% 418

Minneapolis -8% 397

Orlando -61% 355

Louisville -17% 293

Jacksonville 73% 276

Detroit 41% 240

Palm Beach 115% 228

Milwaukee -53% 211

Tucson -29% 159

Cleveland 69% 85

U.S. Average 31% 96,250

2012* Apartment Unit Completions as Percentage of Total Inventory Rank by Metro

Top 15Metros


2012* Vacancy

New York 3.8% 2.3%

Salt Lake City 2.3% 4.8%

Indianapolis 1.9% 6.0%

Austin 1.8% 4.3%

Denver 1.4% 4.0%

San Antonio 1.2% 6.4%

Cincinnati 1.2% 5.7%

Minneapolis 1.2% 2.8%

Miami 1.2% 4.4%

Washington, D.C. 1.2% 4.0%

Orange County 1.1% 3.9%

New Haven-F.C. 1.1% 3.7%

Houston 1.0% 8.0%

Dallas-Ft. Worth 0.9% 6.0%

Milwaukee 0.9% 3.8%



Bottom 15Metros


2012* Vacancy

St. Louis 0.5% 6.3%

Inland Empire 0.5% 4.6%

Kansas City 0.4% 5.8%

Charlotte 0.4% 6.4%

Phoenix 0.4% 7.0%

Palm Beach 0.4% 6.4%

Chicago 0.4% 4.2%

Tucson 0.4% 7.5%

San Francisco 0.4% 3.1%

Oakland-East Bay 0.3% 3.4%

Los Angeles 0.2% 3.5%

Detroit 0.1% 5.0%

Portland 0.1% 2.7%

Cleveland 0.1% 4.4%

Sacramento 0.0% 5.0%


2011* Apartment Class A Asking Rent Change from 2007Rank by Metro

Top 15Metros

Class A Asking Rent*

Chg. From 2007

Washington, D.C. $1,674 5.7%

Houston $960 5.4%

Louisville $819 5.1%

Portland $968 4.5%

Denver $1,071 3.9%

Philadelphia $1,239 3.8%

Seattle-Tacoma $1,180 3.6%

Austin $1,014 3.6%

Dallas-Ft. Worth $962 3.6%

San Antonio $837 3.1%

Salt Lake City $883 3.0%

Kansas City $821 2.8%

Boston $2,153 2.4%

New Jersey $1,587 2.4%

Chicago $1,379 2.4%

U.S. Average $1,210 1.2%

Bottom 15Metros

Class A Asking Rent*

Chg. From 2007

Detroit $1,020 -1.4%

Palm Beach $1,304 -1.5%

Jacksonville $944 -1.8%

Milwaukee $1,045 -1.8%

San Francisco $2,221 -2.5%

Orlando $985 -2.8%

New Haven-F.C. $1,926 -2.9%

San Jose $1,722 -3.4%

Oakland-East Bay $1,569 -3.5%

Fort Lauderdale $1,275 -3.6%

Orange County $1,737 -3.9%

Miami $1,368 -4.5%

Inland Empire $1,181 -4.5%

Los Angeles $1,804 -5.2%

Las Vegas $913 -5.9%

U.S. Average $1,210 1.2%

* As of 3QSources: Marcus & Millichap Research Services, Reis

U.S. Apartment Vacancy by Class

0%

2%

4%

6%

8%

10%

00 01 02 03 04 05 06 07 08 09 10 11*

Class A Class B/C

Aver

age

Vaca

ncy

Rat

e


U.S. Apartment Asking Rent Change by Class

-6%

-3%

0%

3%

6%

01 02 03 04 05 06 07 08 09 10 11*

Class A Class B/C

Ask

ing

Ren

t Ann

ual C

hang

e


* Through NovemberSources: Marcus & Millichap Research Services, U.S. Census Bureau

0

200

400

600

800

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

*

-100%

-50%

0%

50%

100%

Mul

ti-Fa

mily

Hou

sing

Sta

rts

(000

s, S

AA

R)

U.S. Long Term Multifamily StartsY-O

-Y Percent Change

Documents

Jean Anderson – Managing Director - J.P. Morgan Sean ... · Orange County 3.9% Denver 4.0% Seattle-Tacoma 4.0% U.S. Average 5.0% Bottom 15 Metros 2012* Vacancy Tampa 5.8% Dallas-Ft