A new multifamily report from Marcus & Millichap Real Estate Investment Services ranks Austin the 22nd strongest apartment market in the country in 2008, down from 16th in 2007 thanks to increased levels of new construction and above-average vacancy. Developers are forecasted to bring 5,100 new apartment units online in the year ahead - up from 4,800 in 2007 -representing a 3.6 percent increase in the overall stock. With many older units in and around Central Austin being torn down to make room for new construction or converted to condos, developers are responding by adding product in areas like Northwest and South Austin. That increase in inventory is likely to lead market-wide vacancy to inch up to 7.6 percent in 2008. At the same time, asking rents are anticipated to rise 3.7 percent to $851 a month and effective rents will advance 3.4 percent to $767 a month. [Austin Business Journal]