Despite the careening economy, average asking rental rates throughout New York State and New England notched moderate gains in the third quarter compared with the levels recorded in the first quarter, according to a recent report.The study, conducted by third-party property management specialist Sunrise Management & Consulting, assesses rental conditions in Connecticut, Maine, Massachusetts, New York (excluding New York City), New Hampshire, Rhode Island and Vermont. The fall survey, which was conducted from September to November, does not include actual rent rates. Much of the increase in average rental rates can be attributed to the supply-and-demand situation in New York and New England. \u201cIn most of these markets, unlike some of your larger, more modern cities, there is a not a tremendous excess capacity of apartment units,\u201d said Richard Dolins, vice president & director of research for Sunrise. \u201cTherefore, there\u2019s a little more pressure on the market. That pressure is going to keep rents up.\u201d And as the financial crisis continues to impact consumers\u2019 ability to find and qualify for credit and as more homeowners are forced to relocate to apartments, demand for multi-family units has trended upward. Of the nine New York State regions examined in the report, seven experienced increases in average rates, led by the North Country Region (Clinton, Franklin, Jefferson County, St. Lawrence and Warren), up $18 from $647 in the first quarter to $665 in the third quarter. It\u2019s important to note, however, that for smaller rental markets, such as those in the North Country, it doesn\u2019t take many changes in structure to move rents. The remaining New York state markets that realized first-to-third quarter upsurges are: -Central Region (Cayuga, Cortland, Madison, Onondaga, Oswego and Tompkins) from $690 to $704 -East-Central Region (Fulton, Herkimer, Montgomery, Oneida, Otsego and Schoharie) from $644 to $646 -West-Central Region (Genessee, Livingston, Monroe, Ontario, Orleans, Seneca and Wayne) from $756 to $769 -Capital Region (Albany, Rensselaer, Saratoga and Schenectady) from $884 to $900 -Southern Tier Region (Broome, Chemung, Chenango, Delaware, Schuyler, Steuben, Tioga and Yates) from $677 to $694 -Western Region (Allegany, Cattaraugus, Chautauqua, Erie, Niagara and Wyoming) from $756 to $761 Just two New York State regions–the markets with the highest average rents–experienced slight decreases from the first to third quarter. The average rent level in the Southern Region–comprising Westchester, Rockland, Nassau and Suffolk–fell from $1,749 to $1,742. Meanwhile, the average rental rate for the Hudson Valley Region, including Columbia, Dutchess, Greene, Orange, Putnam, Sullivan and Ulster, fell from $1,068 in the first quarter to $1,064 in the third quarter. Each region in Connecticut, Maine, Massachusetts, New Hampshire and Vermont notched a modest rise in average rental rates. \u201cIn most cases, since we did this report in the more active period of time for rentals, generally you\u2019re going to see greater increases during this (evaluation) period than you would during our spring report,\u201d which is based on data collected during the winter, Dolins said. Interestingly enough, however, Rhode Island turned around a yearlong decline with a $21 rise in average rental rates to $1,155. \u201cWhen other markets were growing, Rhode Island was flat for a while,\u201d Dolins said. \u201cWhat Rhode Island is doing is just doing a little bit of catch-up.\u201d The for-rent markets in many communities are fairly insulated from some of the economic pressures that continue to impact other commercial property types. \u201cIf you can\u2019t get a mortgage, you\u2019ll rent. And people who normally wouldn\u2019t rent are renting,\u201d Dolins said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Despite the careening economy, average asking rental rates throughout New York State and New England notched moderate gains in the third quarter compared with the levels recorded in the first quarter, according to a recent report.The study, conducted by third-party property management specialist Sunrise Management & Consulting, assesses rental conditions in Connecticut, Maine, Massachusetts, New…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1003920149","post","type-post","status-publish","format-standard","hentry","category-regions"],"acf":[],"yoast_head":"\n