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Article: Rental market stays strong in '98; looks to make more gains this year.(residential real estate market)(Industry Overview)
- Article from:
- Real Estate Weekly
- Article date:
- January 27, 1999
- Author:
CopyrightCOPYRIGHT 1999 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Although many industry veterans expected an end to the enormous growth cycle that residential real estate experienced in 1997, 1998 turned out to be another year of tremendous gains, especially in rentals. While the sales market took a slight hit in 1998, due mainly to the uncertainty on Wall Street, rentals continued to remain strong across the board. Citi Habitats once again leaped ahead of the competition, closing 4,046 rental transactions in 1998, beating its 1997 record of 3,568 transactions.
While most rentals experienced price increases in 1998 of 15 to 25 percent, in 1999 rental prices are expected to stabilize and level-off in some cases. The average ...
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