Multi-family Real Estate Market Review 2008

In 2008, the average occupancy for Central Georgia was 89.5%, a 1% improvement over the prior year’s results.  The markets experiencing the greatest increase in 2008 over 2007 were East Macon at 5%, Milledgeville at 5.5% and Warner Robins at 2%.

The markets experiencing the greatest year-over-year downturn were Downtown Macon at 3% and North Macon at 2%.   The North Macon average is slightly skewed due to an accelerated number of new lease-ups.

The Fickling & Company multi-family portfolio grew to 2497 units in 2008, operating in the Georgia, South Carolina and North Carolina markets.  With the strong entry of the echo-bommers into the rental market, and the decline of the single family housing market all of our Fickling assets prospered in 2008 and closed out the year with healthy Net Operating Income growth.

Although apartment fundamentals have been the most stable of any property sector, increasing job losses and the struggling economy  promises to make 2009 a challenging year for the multifamily industry.  Fickling & Company is prepared to meet the challenges through aggressive marketing at the property level, exceptional resident retention and steadfast focus on operations.

 

Susan Cooper
Director of Multi-family Property Management
Macon Commercial Office
478-746-9421