COLUMBUS, Ohio, Jan. 27, 2006 -  Real Estate Investment Brokerage Company, the nation's largest real estate investment brokerage firm, recently released its National Apartment Research Report for 2006, which indicates the Columbus apartment market will benefit from modest employment growth and declining vacancy.

Also included in the report is the firm's annual National Apartment Index (NAI), a snapshot analysis that ranks 42 apartment markets based on a series of 12-month forward-looking supply and demand indicators. Columbus loses three spots this year to No. 41.

"Limited new supply, job growth and steady population gains will produce stronger fundamentals in the Columbus apartment market this year," comments Scott Przybyla, regional manager of 's Columbus office. "Employment growth is expected to result in vacancy improvement in 12 of the metro's 13 submarkets this year with the Whitehall/Gahanna submarket expected to be the top performer in 2006."

Following are some of the most significant aspects of the Columbus Apartment Research Report:

• Owners are expected to limit asking rent increases to 0.5 percent this year but will start reducing concessions.
  
  The decrease in concessions will boost effective rents, which are forecast to advance 1 percent to $594 per month.
   

• A decent pace of employment growth will support a 30 basis point drop in the vacancy rate to 8.6 percent in 2006.
  
  Among the most improved areas in the Columbus metro area this year will be the Upper Arlington submarket, where vacancy is forecast to decline 80 basis points to 7.9 percent.
   

• Total employment in Columbus is forecast to expand by 1.3 percent, or 12,000 jobs, in 2006.
  
  Gains will be the greatest in the trade, transportation and utilities, and leisure and hospitality sectors.
   

• Approximately 800 units are scheduled for completion in Columbus this year, slightly below the number delivered in 2005.
  
  The majority of new projects will be constructed in the northern section of the metro area.
  
  

Orange County (Calif.) claimed the top spot in the 2006 NAI, surpassing last year's leader, Riverside-San Bernardino (California's Inland Empire). The region's median home price of more than $700,000 makes Orange County one of the least affordable housing markets in the country, which will keep renter demand at high levels. Fort Lauderdale occupies the No. 2 position due to robust job growth and low vacancy. Las Vegas moved up one spot to No. 3, supported by strong condo conversion activity and declining vacancy. San Diego fell two places to No. 4, and New York City-Manhattan climbed four positions to complete the top five. Typically the bottom MSAs in the NAI are markets with above-average vacancy or weak labor markets.