Lakeland Market Summary

Our research team just completed a market summary for the Lakeland, FL area. The research was conducted by phone and information was provided via the onsite staff between the dates of 2/27/08 - 2/29/08. Twenty apartment communities responded to our survey. A few results have been highlighted and are below:

• Average occupancy in the area is reported at 92%.
• 60% of those surveyed are offering concessions.
• Concessions range from one month's free, a free tv with lease, no deposit, select units on prorated discount, as well as other concessions.
• The average rent rate range is $597-$800.

Lakeland has historically not been volatile as it's submarket counterparts in the Tampa Bay area. However, the toll of the subprime mortgage crisis, credit crunch, and shadow rental market has hit Lakeland albeit, again, not nearly as hard as the rest of Tampa Bay. Occupancies have dropped an average 6 percentage points over the last two years, however even now we are seeing signs of recovery. Indicators, both historic and economic, lead us to believe that we should start seeing a rise of 2-3 occupancy points on average by the end of the summer.