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The owner of 50K apartment units, Avalon Bay (AVB +2.1%) is benefiting from housing weakness -...

The owner of 50K apartment units, Avalon Bay (AVB +2.1%) is benefiting from housing weakness - getting 7% rent increases and seeing an all-time low 12% of its tenants moving out to purchase a home. Toss in a record-low amount of multi-family completions, and the company is sitting in high cotton.
Comments (2)
  • convoluted
    , contributor
    Comments (2000) | Send Message
     
    This will probably be a long-term trend-unless housing and costs of ownership decrease as well. This trend will also benefit mini-storage facilities because: (1) fewer built and financing very tight, (2) a lot of the people moving are actually downsizing, and apartments not large enough to handle "stuff."
    28 Apr 2011, 04:00 PM Reply Like
  • kmi
    , contributor
    Comments (4085) | Send Message
     
    I have a friend in one of their properties, he makes a comfortable 6 figure income and works in the financial services industry, in my market, where most folks make 5 figures, rents are not moving....
    28 Apr 2011, 04:36 PM Reply Like
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