For More Information:
William R. Steinhaus
Dutchess County Executive
(845) 486-2000 firstname.lastname@example.org
Anne Saylor, Housing Coordinator
(845) 486-3600 email@example.com
For Immediate Release
February 24, 1999
1998 RENTAL HOUSING SURVEY RESULTS PUBLISHED
Poughkeepsie -- Dutchess County Executive William R. Steinhaus has released the results of the Dutchess County 1998 Rental Housing Survey.
According to County Executive Steinhaus, "This is the seventeenth year the County has conducted this assessment of the County's rental housing market. It is designed to provide an overview of the rental housing market in several areas including apartment complexes of 20 units or more multifamily apartment units and subsidized housing units."
"This year the County has added a section to the survey which reviews the rents in condominiums and homes for rent," Steinhaus added.
This year's survey showed rent increases in apartment complexes ranging from 1.2 percent to 3.9 percent. One-bedroom apartment complex rents increased 2.1 percent from $623 to $636 while the two-bedroom apartment complex rents increased 1.2 percent from $738 to $747.The results from the multi-family units were more mixed with changes ranging from -3.9 percent to 2.6 percent. The rents for one and three bedroom multi-family units decreased 3.5 and 2.4 percent, respectively. The rents for studio and two-bedroom multi-family units increased 2.6 and 1.6 percent respectively.
The vacancy rate for this year's survey decreased from 3.4 percent to 2.6 percent, a 23 percent drop in the vacancy rate. The survey also notes that 38 percent of these vacancies were at two complexes, Corlies Manor in the City of Poughkeepsie and the Ledges/Royal Crest in Hyde Park. If these complexes are removed from the calculation, the vacancy rate is only 1.7 percent which is considered extremely low.
This year a new section has been added to the survey which calculates the average and median rents for condominiums and homes for rent. This information shows that the average one bedroom condominium rent is slightly less than the average rent for one bedroom apartment complex units while the average two bedroom condominium rent is significantly more than the average two bedroom apartment rent. The information on homes for sale shows that homes are significantly more expensive than apartment complex units.
The subsidized housing stock has remained stable according to the survey. The vacancy rate for these units can be considered zero percent, since available units are filled by individuals on the waiting lists.
The report is available by mail or by calling the Dutchess County Department of Planning and Development, 27 High Street Poughkeepsie, New York 12601, (845) 486-3600. The cost is $3.00 plus $ 1.00 postage if mailed.
County Executive Press Releases