Multi-family vacancy rates dropped for the fourth straight quarter. Investor demand rose and equity financing improved according to a survey by the Multi-Housing Council. If the economy continues on same course with modest growth and some improvement in the labor market, apartment vacancy rates should go down further with rents continuing to firm. Both low interest rates and high demand among condo converters have helped this market in the short run. Condo conversion investment opportuities are being found now in some smaller middle market cities because of price increases in larger makets.