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EDITORS and NEWS/PUBLIC AFFAIRS DIRECTORS: Press releases can be downloaded at www.fresnostatenews.com. University Relations also provides releases for news media companies via e-mail. To be added to the distribution list, send your e-mail address to tomu@csufresno.edu.

FOR IMMEDIATE RELEASE

Contact: Tom Uribes

April 17, 2003

(559) 278-5366 or 250-8459

(See attached graphs or log-on to www.FresnoStatenews.com. For media interviews, contact John Mahoney at 278-4990)

Apartment Vacancy Rates at 18-year Low of 2.1% Says Fresno/Clovis Annual Housing Report

Major apartment complexes in the area are approaching record occupancy levels this year, according to the annual Fresno/Clovis Annual Housing Report 2003, released this week by the Real Estate & Land Use Institute at California State University, Fresno

The institute, part of the Craig School of Business, monitors the local housing markets each year.

The report’s latest findings show that overall vacancy rates have declined to an 18-year low of 2.1%. 

“This growing demand for rental housing has pushed the average rent for a typical 2-bedroom, 1-bath unit up 4.9% to $537 per month,” said John Mahoney, director of the institute.  

“The strength of this market is renewing interest in both renovating existing apartment projects and constructing new apartment projects.”

The Real Estate & Land Use Institute also compiles data on the local single-family housing markets and has announced plans to introduce its first Quarterly Housing Report on new home construction later this month. 

The current issue of the Fresno/Clovis Annual Housing Report and the upcoming Quarterly Housing Report may be purchased by contacting the University Business Center at 278-2352.

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