FOR IMMEDIATE RELEASE
Contact:
Heather Schechter
Director of Marketing, Sunrise Management & Consulting
255 Washington Avenue Ext., Ste. 103, Albany, NY 12205
hschechter@sunrisemc.com; (518) 782-0200 ext. 103
Sunrise Management & Consulting Releases Spring 2016 Multifamily Rental Market Report
Northeast Multifamily Rental Market Remains Stable as Rents Continue to Steadily Climb
Albany, NY (July 26, 2016) – Sunrise Management & Consulting today announced the release of its Spring 2016 multifamily rental market report. Data culled from over 1,900 apartment communities representing over 300,000 units shows a stable upward trend in rental markets across the Northeast. The annual survey of rental conditions in the multi-family housing industry details average asking rental rates by unit mix, by square footage, and tracks historical trending data on a county basis. The free report is available for download at www.sunrisemc.com.
The research team at Sunrise Management & Consulting found that rents per square foot of all markets in the Northeast, except the North Country of NY (traditionally a small market) continue to rise. In addition, vacancy rates also seem to be remaining low across all market areas, even as new product are being brought to market, showing absorption rates are still very good.
Jesse Holland, president and founder of Sunrise Management & Consulting, explains that the findings show good news for multifamily property investors, “From a macro level, apartments are still a favored class of real estate investment. Financing is still readily available at very attractive rates and investors are still looking to grow portfolios.”
Holland predicts that the good news for multifamily property investors will continue. He explains, “We believe these macro trends will remain as the employment picture continues to improve. At the same time, building in the single family home market remains comparatively subdued.”
Sunrise Management & Consulting has been providing market reports on the Northeast rental market since 2001. Data is updated on an annual basis utilizing proprietary software. Please visit our website at www.sunrisemc.com to download the Spring 2016 market report and learn more about our services.
# # #
About Sunrise Management & Consulting
Sunrise Management & Consulting provides development consulting, marketing, leasing and property management services for multifamily investors across the northeastern United States. The professionals at Sunrise Management & Consulting utilize innovative management and consulting programs to deliver consistent, dependable results that exceed industry performance standards. The company also provides real estate brokerage services in residential, multifamily, commercial and investment transactions through its subsidiary, Sunrise Realty Advisors. For more information, please visit www.sunrisemc.com.
.
