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Good news regarding rental rates in New England.
This should make anyone purchasing a multi-family easier do to.
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. "In most of these markets, unlike some of your larger, more modern cities, there is a not a tremendous excess capacity of apartment units," said Richard Dolins, vice president & director of research for Sunrise. "Therefore, there's a little more pressure on the market. That pressure is going to keep rents up." And as the financial crisis continues to impact consumers' 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 ... more

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