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SANUDO AND THE VENETIAN VILLA SUBURBANA

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Following a slight decrease in 2009, average rental rates have increased steadily since 2010 to $986/month on average through the third quarter of 2012. The quoted rental rates used do not take into consideration the value of specials and concessions being offered by many apartment communities even in a tight market. Economic vacancy is reported by AAMD at 9.6% in the third quarter. The highest economic vacancy posted was nearly 25% between 2003 and 2005 with decreases beginning in 2006. Economic vacancy has remained near the 16% level since last quarter of 2007, finally dropping below 10% in 2012. The median rental rate is reported at.