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He index at 71.4, up from 60.6 at the same time last year and about 30 points higher than the last quarter of 2002. Luxury rental apartments (Class A) gained 1.6 points to reach 61.6 in the first quarter of 2006, compared to 60.0 at the same time last year.& 160;& 8220;The rental market is very good right now,& 8221; noted Leonard Wood, an apartment and condo builder from Atlanta and chairman of NAHB& 8217;s Multifamily Leadership Board. & 8220;Over the past three years, there have been thousands of rental units converted and sold as condos and, at the same time, few new rental apartments were being built. This leaves us with a supply-constrained market while demand is growing.& 8221;& 160;According to NAHB Chief Economist David Seiders, the slowdown in the condo sector is due to serious affordability problems as well as a pullout by the investors who drove the market to unsustainable heights last year. & 8220;The changing supply-demand balance in the condo segment means that this comp
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