Spring 2008 Sunrise Multifamily Rental Market Report Finds Average Rental Rates Rising Across Northeast Markets

Albany, NY – June 20, 2008 – The Spring 2008 Sunrise Multifamily Rental Market Report © released today by Sunrise Management & Consulting, reports average rental rates rising in most of the markets surveyed.  Rate increases were recorded in all the New York, Massachusetts, New Hampshire, Maine and Vermont markets.  Only Rhode Island and Western Connecticut, regions with existing high housing costs, reported flat growth.

The Spring 2008 Report finds:
·        All the New York Markets reported average rental rate increases, led by the Southern Region (L.I., Westchester) with a $37 average rate increase, and the Capital Region (Albany) with a $26 increase.

·        New York’s Hudson Valley ($25) and Southern Tier ($24) regions posted strong growth.

·        Growth in average rent and average rent per square foot in all of Massachusetts, New Hampshire, Maine and Vermont.

·        Connecticut’s Eastern Region (New Hartford) posted growth with an $19 increase while the Western Region (Stamford, New Haven) had a slight decrease (-$8) in average rental rates.

·        Growth in Rhode Island relatively flat with a $4 increase in average rental rates

“The housing slump and tightening credit standards are increasing demand in the multifamily rental markets.” said Jesse Holland, president of Sunrise Management & Consulting, “The segment of the market that would normally be moving from rental apartment living to single family home ownership is finding itself stuck by higher lending standards requiring larger cash down payments.”
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 1900 apartment communities, representing 330,000 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. For information about Sunrise find us at www.sunrisemc.com