IRR-Long Island Mid-Year Viewpoint 2015 Local Market Report - Multifamily
The Long Island apartment market continues to perform well with effective rents modestly outpacing inflation. The overall vacancy rates remains below 3% and new construction is minimal which should ensure continued rental increases. Cap rates for prime projects have been pushed down to the 5% level.
Further reductions are not expected, especially for projects located in more remote Suffolk County. Therefore, appreciation rates are expected to moderate. Like other suburban New York City locales, proximity to mass transportation is very desirable.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.