PRESS RELEASE

This report shows a slight decline overall in advertised residential rents, although the cost of one-bedroom apartments increased slightly. The average residential rent during the 4th quarter of 2006 was $1270 for a for a one bedroom apartment, $1645 for a 2 bedroom and $2031 for a three bedroom apartment. These averages reflect a $10 increase for one-bedroom units, a $14 decrease for 2 bedroom units and a $46 decrease for three bedroom units over the previous year.

WRO tracks listings of apartments available without a broker's fee as advertised in local newspapers, and builds this report on data between October through December of each year. In the 4th Quarter 2006 report, 3,361 advertised units were advertised. This represents significantly fewer number of units advertised than in 2005, when 4, 238 units were advertised for the same period.

In addition to showing overall averages in the county, data by municipality is also listed on the report.

Most measures of affordability are set at 30% of the gross household income as a standard for reasonable housing payments. Using this standard a family must have an income of $50,800 to rent a one bedroom apartment and $65,800 to rent a two-bedroom apartment in Westchester. Families spending more than 30% of income on housing are considered cost burdened. "The good news is that rental costs have stabilized compared to dramatic increases in previous years. But there is no real relief in these numbers for the thousands of families struggling to pay high rents in Westchester" says Toni Downes, Executive Director of the group that prepared the report.

A copy of the average advertised rent report is available on WRO's website: www.wroinc.org or by contacting Maureen Davis 914 428-4507 ext.301 or mdavis@wroinc.org

Westchester Residential Opportunities, 470 Mamaroneck Avenue, Suite 410, White Plains, NY 1060