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Apartment Articles

Apartment Articles

"El Paso - the City Uncovered"

Originally appeared inNew Mexico Apartment Report Vol. 3.1 - Q1í96
El Paso, often overlooked, is a city of opportunity for a shrewd investor concerned with keeping acquisition costs to a minimum. Location El Paso is strategically located between Dallas and Albuquerque, Phoenix and Oklahoma City. El Paso borders New Mexico to the North, and old Mexico to the south, and represents the third largest border crossing in the country. Itís excellent location has assisted in fueling the tremendous employment growth generated mostly by relocating industrial business. The continual on-going construction of new manufacturing plants, distribution facilities, and retail is a testament to El Pasoís continued growth. El Paso Facts El Paso is the 4th largest city i Texas, the 22nd largest city in the country, and when combined with Cuidad Juarez, is the largest international metroplex in the world. Population Growth On average, the El Paso population has increased at a steady rate of 2.5% per year. Historical Apartment Occupancy Like most Southwestern cities, El Paso has bounced back from the high vacancy rates in 1986 of 13.5% to the recent vacancy of 3% during 1994. Historical Apartments Rents Average rents per square foot have increased from $.40 in 1986 to the currently level of $.58 per square feet, still well behind the outrageous rents witnessed in Tucson, Phoenix, and Albuquerque.

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by Todd Clarke CCIM (www.nmcomreal.com/nmcomreal)
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