Whichever number you believe for the third quarter of 1999, both reports note that occupancy trends are up.
People come back to school.
Steven English, CEO of the Apartment Association, says that the rest of the increase can be attributed to the change in mortgage interest rates. This population is very sensitive to interest rate changes, and the past year's low rates made home ownership swell. English and Clarke also concur that the number of units built is slowing down. In 1999 there were 1599 units build. Clarke suspects that of the proposed 996 units for next year, only 600 will be approved by the city and built.