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Mr. Thomas said the project was opening at a time when monthly rents for existing rentals have risen about 10percentt a year for each of the last two years.
The existing rentals at Newport "are basically spoken for," the waterfront has become a proven residential alternative to Manhattan and there is not only a need for more residences, but for apartments "that are a little less expensive" than those at the river's edge, he said.
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Some of the measures have also encouraged landlords to sell existing rental properties.
Mr. Oppler said those rents would be 10percentt higher than those for existing rental apartments in the area.
Young families with children, in particular, are exactly who politicians are usually desperate to win over and they suffer most from the existing rental market.
Through the merger, Hertz will add long-term car, truck and equipment leasing and fleet management services to its existing rental car business.
Leading the Way II established a goal of making at least 300 units of existing rental housing permanently affordable by the end of 2007.
But in places that went all-in on condos — building new ones and converting existing rental apartments — foreclosures remain an outsize presence.
The town's plan repeatedly acknowledges that affordable rental housing is insufficient to meet the needs of these families, and notes that more than 70percentt of existing rental housing is substandard, rendering the units less than fully habitable.
Mr. Berger said that in June his foundation renewed its lease on 11,250 square feet of space at 155 Avenue of the Americas, near Spring Street for five years at the existing rental.
Investors' purchases of existing rental buildings are "frenzied," according to several market experts, including Mr. Wiener, who said he had never seen them this intense in his 32 years in the business.
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