Sunrise Management and Consulting has released its Spring 2008 Rental Market Report:
All the New York Markets reported average rental rate increases, led by the Southern Region (L.I., Westchester) with a $37 average rate increase, and the Capital Region (Albany) with a $26 increase.
New York’s Hudson Valley ($25) and Southern Tier ($24) regions posted strong growth.
The housing slump and tightening credit standards are increasing demand in the multifamily rental markets.” said Jesse Holland, president of Sunrise Management & Consulting, “The segment of the market that would normally be moving from rental apartment living to single family home ownership is finding itself stuck by higher lending standards requiring larger cash down payments.
Click here for the entire report.