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2/2/2012 - Rental units in a state of recovery

The rental unit market is improving.

While the housing sector continues to be an industry that's struggling to recover, the multi-family rental market throughout the Northeast is performing well, according to a new report.

Real estate research and analysis service Sunrise Management and Consulting indicates that rentals in the six New England states and New York have largely regained their strength, with rates at or above where they stood in 2008 and demand on the rise. The real estate firm says that the sluggish economy, high unemployment and tight mortgage restrictions are additional elements having an impact.

"Another factor on rental growth found in several markets was that of unsold condo developments being converted to high-end rental inventory, driving significant rental rate increases," said Jesse Holland, president of Sunrise Management. "Developers found it easier to rent than sell, and with funding difficulties and economic conditions discouraging home purchases, families found it conducive to rent at the high end."

While property owners typically have insurance for multifamily structures, tenants may also want to consider rental insurance, which protects their belongings should they be stolen or damaged.  Talk to your independent agent today to learn about renters insurance from Selective.

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