The findings from the Sunrise Multifamily Market Report were discussed in an article on the Albany Business Review:
Survey results released Friday show how the growth in new, market- rate apartments in the Albany region over the past decade is starting to impact rents — and why developers, owners and bankers are being cautioned about the future.
There was zero to negligible growth in average monthly asking rents in Rensselaer County, Saratoga County and Albany County last year, according to an annual survey by Sunrise Management & Consulting.
In Schenectady County, the average asking monthly rent increased 3.5 percent, slightly less than the year before.
Overall, average asking monthly rents increased 0.9 percent in the region — the third-lowest of the regions that Sunrise surveyed in the Northeast.
“Congratulations,” Sunrise President Jesse Holland said to about 200 real estate, banking and other business professionals at forum at the Century House in Latham. “We’ve built enough that we can’t get rent increases.”
Click on the image link below to read the full article on the Albany Business Review’s website.