Fall 2007 Sunrise Multifamily Rental Market Report Finds Northeast Market Trends Continue

Albany, NY – November 23, 2007 – The Fall 2007 Sunrise Multifamily Rental Market Report © released today by Sunrise Management & Consulting finds overall market trends reported in the Spring Report continue in the Northeast Markets. New York and Connecticut continued growth in average rental rates, with Massachusetts and Maine reporting growth.  New Hampshire and Rhode Island continued negative trends with decreases in average rental rates.
The Fall 2007 Report finds:

•    The New York Market survey reports growth throughout all market segments, led by the Capital Region (Albany) with a $21 average rate increase, and the Western Region (Buffalo) with a $19 increase.
•    Connecticut continues its growth trend with the Western Region (Stamford & New Haven) reporting average rental rate up $46, and the Eastern Region (Hartford) posting a $12 gain.
•    Massachusetts and Maine reversed previously negative trends with healthy growth patterns. Maine had a $25 increase in average rental rates, while Eastern Region of Massachusetts (Boston & Suburbs) posted a $40 increase.
•    The New Hampshire and Rhode Island markets continued negative trends, posting decreases in average rental rates.  Rhode Island, down $16, has seen declines for the past three surveys, last posting an increase in Q1 of 2006.

“The New York markets continue to be quite strong.” said Jesse Holland, president of Sunrise Management & Consulting, “We found growth in all nine markets surveyed, a first since we began the survey for the entire state.”

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 also began data collection in the state of Florida, which will be released in a separate rental market report, and plans to expand their database to the Mid-Atlantic States, starting with New Jersey and Pennsylvania.

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.

Sunrise Management & Consulting, AMO, headquartered in Latham, NY, a 2006 Accredited Management Organization of the Year, is the creator of The Property Coach tm Program.  SM&C provides property management for investment real estate, property analysis and Property Coach training services to the real estate industry.  For information about Sunrise find us at www.sunrisemc.com.