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Coming soon: slowdown in apartment boom.(Central Florida)
ORLANDO - Don't look now, but the Great Apartment Shakeout of 1999 is coming.
That's the word from metro Orlando apartment guru Robert W. Miller, first vice president in charge of investment properties in the Orlando office of CB Richard Ellis.
At first blush, it's hard to see any trouble ahead. Metro Orlando gained 6,200 new renters last year. All 7,600 apartments now under construction are expected to be occupied by year-end.
Then there are the rent hikes. Midyear, they are up 3 percent from 1998. Annualized, they will have risen 6 percent for the full year, about twice the inflation rate - good news for institutional investors planning long-range …
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