Experts warned that hundreds of thousands of new apartments would open in 2016 and drive up the vacancy in the sector. But for most of this year, average vacancy rates stayed low.

“The market has proved to be incredibly resilient,” says John Sebree, first vice president and national director of the national multi housing group at brokerage firm Marcus & Millichap “The apartment business is far more positive and far stronger than we expected to be at the beginning of 2016.”

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