Industry News

Real estate rental rates pick up in condo-conversion hotspots

Syracuse area is exception in rebounding Northeast rental market

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The rental market is picking up throughout the Northeast, according to a fall 2005 report released today by Sunrise Management & Consulting. "The strongest gains were found in the Eastern Massachusetts, New Hampshire and Connecticut regions. The Sunrise report notes that these same areas had an increasing number of condominium conversions," according to the announcement. The Fall 2005 Sunrise Multifamily Rental Market Report noted that the rental market has improved from the flat growth observed during the previous reporting period. Only the New York central region market reported a loss in average rental rates, Sunrise reported. Among the regional trends identified in the report: Healthy growth in New Hampshire and Rhode Island, with a $25 increase in average rental rate in New Hampshire and a $20 increase in Rhode Island. The Connecticut markets reported growth in both the eastern and western regions, with average rent up to $1,419 (from $1,394) in Connecticut's Fairfiel...