Fall 2006 Sunrise Multifamily Rental Market Report finds Consistent Growth throughout Northeast Markets
The Fall 2006 Sunrise Multifamily Rental Market Report© released today by Sunrise Management & Consulting, AMO, finds consistent average rental rate growth throughout the Northeast markets. Only markets in Rhode Island and Vermont experienced decreases in rates over the previous period. The fall survey found growth in all segments of the New York, Connecticut, Massachusetts, New Hampshire and Maine markets.
Albany, NY (PRWEB) December 8, 2006 -- The Fall 2006 Sunrise Multifamily Rental Market Report© released today by Sunrise Management & Consulting, AMO, finds consistent average rental rate growth throughout the Northeast markets. Only markets in Rhode Island and Vermont experienced decreases in rates over the previous period. The fall survey found growth in all segments of the New York, Connecticut, Massachusetts, New Hampshire and Maine markets.
The Fall 2006 Report finds:
- The New York Markets had healthy to moderate growth across all regions, led in the eastern regions with average rent gains of $32 in Mid-Hudson, $21 in the Capital Region, and $20 in the North Country (Plattsburgh). Western regions had more moderate growth, led by the Syracuse and Buffalo markets, which both posted $9 average gains.
- Massachusetts, which was flat in the previous report, recorded growth in both western and eastern regions, led by a $31 increase in average rental rates in the greater Metro Boston markets.
- The Connecticut market posted good growth in the East (Hartford) region with an increase of $38 in average rent. The more affluent Western region reported a $24 gain.
- The Rhode Island market, which had recorded a significant $60 average rental rate increase in the previous survey, saw a market correction that resulted in a $13 decrease in average rate.
- Maine reported a substantial $20 gain in average rental rate, while New Hampshire posted a moderate $8 gain.
"This is the most consistent market growth, in terms of the number of communities reporting increases, that we have found since beginning the Sunrise Market surveys," said Jesse Holland, CPM, President of Sunrise Management & Consulting, AMO, "While we found continued use of market concessions, even in markets with growing rental structures, we did see a growing trend in properties not including utilities in those concessions."
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 Fall 2006 Multifamily Rental Market Regional Report© is available free at www.sunrisemc.com . More detailed reports on sub markets within the regional report are available for purchase by contacting Sunrise at 518-782-0200. Ext. 23
Sunrise Management & Consulting is an Albany property management company and an Accredited Management Organization (AMO), headquartered in Albany, NY. Sunrise Management & Consulting is also the creator of The Property Coach™ System for investment property owners and managers who want to achieve consistent results and higher profits. This property management training course provides innovative management solutions, property analysis and training services.
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