The building boom has nearly doubled the rate of empty apartments in Greater Cincinnati's northeastern suburbs. The area's usually stable vacancy rate of 5.3 percent in July jumped to 10.1 percent at the end of the year, the highest rate of unoccupied units in Greater Cincinnati, CB Richard Ellis statistics show. Warren County's Deerfield Township has been the most sought-after turf for developers, with 2,178 new units recently finished, under construction or planned. In 2001 alone, more than 1,200 apartments will be added in Deerfield Township and neighboring Mason, Blue Ash, Symmes and Sycamore townships, Mr. Lockard said. Rental rates vary New apartment construction costs do not differ much throughout Greater Cincinnati, but the rental rates vary a lot.
Developers can fetch a higher rent in Warren County because families tend to earn more.
Her main goal when she moved from Montana last August was to find a safe and clean place outside the city. But I like it. Despite a current oversupply of new apartments, developers have not soured on the area because they figure it will continue to draw renters willing to pay a lot. The immediate solution will be to delay building new complexes until the other ones begin to fill quicker. The Drees Co. already announced it will halt the next phase of its Twin Fountains complex in Mason until more of the region's new units are absorbed.