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Area Multifamily Deemed Tight, Moving Forward

DETROIT-If automakers' 2001 rebates and 0% financing turns 2002 sales into a boost, effects could be felt through the multifamily market, according to a report by Marcus and Millichap.

By Robert Carr | Updated on January 30, 2002

DETROIT-Detroit’s multifamily market has suffered from the economic downturn during the past year, according to Chad Carter of Marcus and Millichap. With so many businesses in the Detroit area linked to the auto industry, there will be a ripple effectthroughout the market if auto sales slump in the coming year, Carter says in his company’s January 2002 apartment report.

“The push for automobile sales during the latter half of 2001 may have an adverse effect on 2002′s results,” Carter says. “After Sept. 11, the automakers ramped up sales with 0% financing and generous rebates. The result is expected to be record sales volume for 2001.”

However, he says the surge in 2001 sales may have borrowed heavily from 2002′s numbers, causing 2002 to be a bust.

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