Spring 2007 Sunrise Multifamily Rental Market Report Finds Mixed Results in Northeast Markets

Albany, NY – July 6, 2007 – The Spring 2007 Sunrise Multifamily Rental Market Report © released today by Sunrise Management & Consulting, reports mixed results for average rental rates throughout the Northeast markets surveyed. Upstate New York and Connecticut led in average rental increases, while Massachusetts, along with Maine and Rhode Island recorded decreases in average rental rates. Flat growth was found in New Hampshire and the Hudson Valley region of New York.

The Spring 2007 Report finds:

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o The New York Market survey reports growth throughout most market segments, led by the North Country Region (Plattsburgh) with a $19 average rate increase, and the Capital Region (Albany) with a $15 increase.
o New York’s Hudson Valley and Western (Buffalo) regions were flat, with modest $1 increases in average rental rates.
o Connecticut’s Western Region (Stamford & New Haven) continues to be the fastest growing market in the survey, up $54 in average rental rate, on top of a $24 increase found in the Fall 2006 report.
o Massachusetts, growing in the Fall 2006 report, had decreases in average rental rates, down $20 in the Eastern Region (Boston & suburbs).
o The Maine and Rhode Island markets also posted decreases, with New Hampshire reporting flat.

“The New York market appears quite strong, and notable when you consider the spring is traditionally a slower period for apartment rentals,” said Jesse Holland, president of Sunrise Management & Consulting, “I expect continued strong results for New York in the next survey period, and a rebound in other Northeast markets.”

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 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. The 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 an innovative third-party property management company that provides performance-driven management solutions, property analysis and training services to real estate operations. For information about Sunrise find us at www.sunrisemc.com.