In Orlando, after two years of annual rent cuts, effective rents are on the rise as concessions for renters begin to wane. The occupancy rate, at 94.1 percent in March of this year, is expected to move up to 95.1 percent by March of 2005.

With Las Vegas already enjoying a 95.2 percent occupancy rate that's grown 2.9 points in the last year, Sin City rental housing should be nearly 96 percent full this time next year.

And in San Diego where the recession just hovered overhead and never really landed, apartment housing is already 96 percent full or more and rents are expected to rise 4.5 percent this year.

Perhaps a tad ahead of schedule, the nation's rental market is making a comeback and if you plan to rent, you are already behind the eight ball in a few markets.

In a few cities, rental concessions are all but gone and in other towns landlords see the light and are about to turn it out on renters.

The rental market recovery remains slow and spotty, but researchers are pushing up earlier forecasts that the market wouldn't be back in full swing until 2005.

"The apartment market could see a full-fledged recovery by the end of the year if the economy continues to strengthen at its current pace," said Mark Obrinsky, chief economist at the National Multi Housing Council.

Even in most markets that haven't fully turned the corner, there's no turning back.

"Demand for apartment residences is determined, in large part, by the employment picture. The modest increase in new jobs reported recently is already helping to increase occupancy rates. As more jobs are created, more people will be able to move out on their own and into apartments," Obrinsky.

The council said three out of its four key indexes reveal apartment market improvements over the last quarter.

The Market Tightness Index, which reflects changes in vacancy rates and rent increases, came in at 72, the highest level ever. A score above 50 means more respondents saw improving conditions than saw worsening conditions over the past three months.

For the fifth straight quarter the Sales Volume Index was above 50, coming in at 54. Equity investors continue to seek out apartments.

The Equity Financing Index also came in at 54, marking the eighth time in the past 9 quarters the index has been above 50. Fully 72 percent of the respondents indicated that equity financing for apartments remained unchanged from the favorable conditions prevailing three months ago.

The Debt Financing Index, however, fell to 36, the lowest figure in 9 quarters resulting from rising interest rates.

Published: July 30, 2004

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Broderick Perkins parlayed a career in old-school journalism into a contemporary digital news service that really hits home. The award-winning consumer journalist, originally from Wilmington, DE, is founder, publisher and executive editor of the bootstrap DeadlineNews Group, a Silicon Valley-based editorial content and consulting service specializing in residential real estate, consumer news and related editorial consulting services. The DeadlineNews Group includes the website, DeadlineNews.com, offering real estate editorial content and consulting services, and its back shop, the Deadline Newsroom, an open house on news that really hits home. Perkins obtained his formal journalism education from University of Delaware and a journalism boot camp, the Institute of Journalism Education at the University of California-Berkeley. He went on to 20 years of service as a daily newspaper journalist at the Wilmington, DE News Journal and San Jose, CA Mercury News. Perkins covered housing on the San Jose Mercury News reporting team which earned a General News Reporting Pulitzer Prize in 1989 for coverage of the Loma Prieta earthquake. He has also produced real estate, consumer and small business content for the Wall Street Journal, Los Angeles Times, RealtyTimes.com, Nolo.com, Better Homes and Gardens, the National Association of Realtors, Homestore/Move and Intuit/Quicken among more than three dozen publications. In addition to managing the DeadlineNews Group, Perkins most recently served as chief editorial consultant for Nolo's Essential Guide To Buying Your First Home, Nolo, and writes real estate television scripts for RealtyTimes.com.