I am a property supervisor for a mid size property management company that works directly for the owner of nine large (100-500) unit communities throughout SD. I have been in this business 15+ years and this season makes no sense to us. We are generally in what we consider the quiet times, but traffic is still strong and rentals are all over the board. From last year, we increased rents about 5% and our vacancy is the lowest it has been in five years. The conflicting newspaper stories are just a piece of the confusion. We expected the flood of available units from the conversion failures to hurt us, but it hasn’t happened yet… We’ll see what happens in ’08.
