By Patrick Anderson
PBN Staff Writer
PROVIDENCE – Rhode Island is the only state in the northeast where multifamily residential rents remain below recession levels, according to a new report from Sunrise Management and Consulting covering the fall of 2011.
The Albany, N.Y.-based property management, research and consulting firm said rents have declined in the Ocean State for four straight half-year periods and are down 1.5 percent from fall 2008.
In fall 2011, average multifamily rents dropped $74 from the same period a year ago to $1,579.
Sunrise Management calculated rents from the six New England states and New York, except for New York City.
Of the 17 regions within the study area, the southern tier of New York was the only area other than Rhode Island to see a decline in rents from the fall of 2008 and western New York was the only other area to see a decline from fall of 2010.
In eastern Massachusetts, average rents rose 13.5 percent from fall of 2008 and 12 percent from fall of 2010.
“The sluggish economic recovery, high unemployment, and difficulty in funding new home purchases are keeping demand for multifamily rentals rising in the surveyed markets,” the Sunrise report said. “With the single-family home market still depressed, people are looking for the economies and flexibility of renting.”