SOURCE: Sunrise Management & Consulting

November 28, 2008 09:01 ET

Fall 2008 Sunrise Multifamily Rental Market Report Finds Growth in Average Rental Rates Despite Slowing Economy

ALBANY, NY--(Marketwire - November 28, 2008) - The Fall 2008 Sunrise Multifamily Rental Market Report © released today by Sunrise Management & Consulting reports modest growth in average rental rates throughout the Northeast markets surveyed. Rate increases were recorded in most of New York, and in all of Massachusetts, New Hampshire, Maine and Vermont. Rhode Island and Western Connecticut reversed earlier flat growth with reported increases.

The Fall 2008 Report finds:

--  Most New York Markets reported average rental rate increases, led by
    the Northern Region (Plattsburgh) with a $18 average rate increase.
--  Only New York's Hudson Valley (-$4) and Southern (-$7) regions posted
    decreases in average rental rates.
--  Modest growth in average rents in all of Massachusetts, New Hampshire,
    Connecticut, Maine and Vermont.
--  Rhode Island reversed a year long downward trend with a $21 increase
    in average rental rates.
    

"Dropping home values, a slowing economy and foreclosures are increasing demand for rental units," said Jesse Holland, president of Sunrise Management & Consulting. "With vacancy rates decreasing nationally, the only housing group not facing an oversupply of inventory is the Multifamily segment."

The Sunrise Multifamily Rental Market Report includes the entire Northeast except New York City. The states surveyed and reported on include Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island and Vermont. The research team at Sunrise & Management & Consulting compiled the information by surveying almost 1950 apartment communities, representing 340,000 apartment units, and extensively updated the survey database.

The Sunrise biannual survey of rental conditions in the multifamily housing segment details average asking rents by unit mix and by square footage, and tracks historical trends on a county, regional and state basis. A regional summary report is available free of charge, at www.sunrisemc.com. Sunrise Management & Consulting will prepare customized reports to meet any user's specific needs. Information on customized reports can be obtained by contacting Sunrise at 518-782-0200.

Headquartered in Albany, NY, Sunrise Management & Consulting AMO is an innovative third party property management company providing property management services, market research, and consulting to property owners, investors and home owner associations throughout the Northeastern United States. Sunrise is the creator of the Property Coach™ system for maximizing property investments. For information about Sunrise find us at www.sunrisemc.com

Contact Information

  • Media Contact:
    Jesse Holland
    Office: 518-782-0200 x102
    Cell: 518-365-9689
    Email Contact