Spring 2009 Sunrise Multifamily Rental Market Report Finds Northeast  Average Rental Rates Tracking National Economic Trends

Albany, NY – June 26, 2009

The Spring 2009 Sunrise Multifamily Rental Market Report ©

released today by Sunrise Management & Consulting, reports that, like the national economic

trends, the northeast multifamily markets show modest average rental rate growth in some areas

and decreasing rates in other more populated markets.  Markets where housing values increased

the most and had correlating development of housing overstock are seeing the greatest impact

from the current recession.

The older markets in the New York Region, which had not seen the highs in housing values,

continue to grow.  The more populated markets in New Hampshire, Rhode Island, Massachusetts

and the metropolitan region of Connecticut, which did see the highs in property values, have all

had decreases in average rental rates in the current survey, falling to below or at early 2008 rates.

The metropolitan Western Region of Connecticut had a substantial decrease of $74 in average

rental rates.

The Spring 2009 Multifamily Market Report finds:

• Modest growth in average rent and average rent per square foot for all of the New York

markets surveyed, led by the Hudson Valley and the North Country Regions with

increases of $18 in average rental rates;

• Substantial decrease in Western Connecticut (Fairfield CO.), the most expensive market

covered by this report, where the average rental rate fell by $74 to $1464, a level not seen

since the Q1 2007 survey;

• Decreases in average rental rates in Rhode Island (-$19), New Hampshire (-$8) and both

regions of Massachusetts, falling back to or below early 2008 rates;

• Modest to no growth in all other New England markets except Vermont where average

rental rates grew by $13.

“We are finding that markets that did not have the highs in values and housing overstock are

avoiding the lows seen in other markets.” said Jesse Holland, president of Sunrise Management

& Consulting, “Markets with large declines in average rental rates raise a concern for the

markets ability carry the mortgage debt load acquired during market peak values.”

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 nearly 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 .

The Sunrise Multifamily Database has led to the development of The Property Gauge™, a

scoring and assessment process to identify risk in multifamily lending.  Information about the

process can be obtained at www.thepropertygauge.com.

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. For information about Sunrise find us at www.sunrisemc.com.