Same-store net operating income climbed 4.1% and the average rental rate rose 3.4% on a year-over-year basis.
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The department hopes to see proposals with rents well below that, though it has not set price or rental rate criteria as part of the competition.
Given this risk, it may be better to sign a long-term lease at a low rental rate than to hold out for a premium rent in a year or two.
More than 50% of property managers say that, at a minimum, a monthly gross income should be at least 3x the monthly rental rate and approximately 30% of managers would accept an applicant based on gross income at 2.5x the rental rate.
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The city's 9.4 percent unemployment rate isn't particularly high, but there are thousands of units of deteriorating rental property near the city's center, helping to push the rental vacancy rate to 16 percent in the fourth quarter of 2010, according to the Census Department, down from 21 percent at mid-year.
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That mistaken prediction pushed Orlando's rental vacancy rate to 23.6 percent in the fourth quarter of 2010, second only to Dayton, Ohio, among the nation's 75 largest metropolitan areas surveyed by the U.S. Census Department.
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In the first quarter, the rate of rental-revenue growth at Equity Residential and AvalonBay slowed compared with previous quarters.
After a certain threshold of about 24 hours of continuous use, the bill accumulated at by-the-hour or by-the-minute rate typically exceeds the cost of otherwise paying a flat daily rate on a traditional car rental.
Thus, the race would be between the pace at which rental rates increase and the compression of cap rate spreads.
Start with what real estate pros call the "capitalization rate, " the return a rental property likely will fetch in the coming year, as a percent of its market value.
Say you buy a condo cheap enough to pocket a 7% cap rate--that is, you're getting a 7% net rental return by acting as your own landlord.
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