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Property Management Company Sunrise
ALBANY, NY–(June 25, 2010) - The Spring 2010 Sunrise Multifamily Rental Market Report© released by Sunrise Management & Consulting finds rental rates recovering in nearly all the Northeast markets surveyed. Markets that had reported previous losses or relatively flat growth experienced gains in average rental rates. The reported results in rental rate growth are consistent with national trends of recovering multifamily markets.
“We believe these findings indicate the beginning of a recovering multifamily market where owners are able to increase rent due to the upsurge of renters,” said Jesse Holland, president of Sunrise Management & Consulting, “With an increase in household creations from a year ago demand for multifamily rentals are on the rise.”
The Spring 2010 Sunrise Multifamily Rental Market Report documents the following trends:
* Growth in average rent and average rent per square foot in all of Connecticut, Massachusetts, Rhode Island, and Vermont;
* Consistent growth in average rent and average rent per square foot for most of the New York Markets, with several showing strong increases;
* Flat growth in New Hampshire and Maine, with no markets down trending
The Northeast markets recorded a much greater rental growth in some areas compared to that of the national average of a 0.5% increase. In the state of New York significant increases were found in the North Country (Plattsburgh), and the Southern Tier (Binghamton) markets. The Capital Region (Albany) continued an unbroken growth trend with an average rent increase of $6.
The Sunrise Multifamily 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 nearly 1,950 apartment communities, representing 340,000 apartment units, and updating the unit mix rental rate 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.
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. Sunrise is the creator of the Property Coach™ system for maximizing property investments. For information about Sunrise find us at www.sunrisemc.com
Source: Sunrise Management & Consulting
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Spring 2010 Sunrise Multifamily Rental Market Report Finds Average Rental Rates Recovering in Northeast Markets is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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