Northeast Market Remains Stable as Rents Continue to Steadily Climb
Albany, NY – July 8, 2014 – Sunrise Management & Consulting released its Spring 2014 Multifamily Rental Market Report showing a stable upward trend in rental markets across the Northeast. The research team at Sunrise Management & Consulting compiled the information by surveying over 1,900 apartment communities, representing over 300,000 apartment units. The annual survey of rental conditions in the multi-family housing arena details average asking rental rates by unit mix, by square footage, and tracks historical trending data on a county basis.
“Data from the Market Report supports my assertion that moving into certain smaller markets in the Northeast may provide high yields in the future,” says Jesses Holland, CPM, President of Sunrise Management & Consulting. “While cities in the South and Northwest continue to attract headline attention, the Northeast is beginning to be recognized for steady recovery and urban reinvention. Cities that were once industrial powerhouses, like Albany, NY, are reinventing themselves as centers of innovation in technology and healthcare and, likewise, attracting young, high earners.”
Albany was among the smaller cities identified by JLL’s Cities Research Center as part of the global 300 hotspots for growth and future real estate opportunities, a research tool which reflects a decade of insight into the global urban landscape. According to JLL, the U.S. has experienced significant growth in investment within secondary markets, which was also reflected in investor sentiment in a survey published by Urban Land Institute and PWC, Emerging Trends in Real Estate 2014. Other Northeastern cities made JLL’s global 300 including New York City, Boston, Philadelphia, Stamford, Hartford, Buffalo, Pittsburgh, Providence and Rochester.
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 2014 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.
