(Source: New Hampshire Housing Finance Authority) – New Hampshire Housing Finance Authority today released its annual “Residential Rental Cost Survey.” The survey reflects that rental costs across the state have increased and apartment vacancy rates have generally decreased.
Vacancy rates have dropped to 3.2% statewide for two-bedroom apartments, which represent the largest category of rental units in the state. A balanced rental market would have vacancy rates at between 4-5%, thus vacancy rates in the low 3% range indicate a situation where available units are becoming more difficult to find. Increased demand and limited availability of two-bedroom units has prompted an increase in rents. The median monthly gross rent has risen just over 3% in the past year to $1085 per month, including utilities, statewide. The most significant increases appear in Grafton, Carroll and Belknap counties, and in the cities of Manchester and Nashua.
“The survey results are not surprising,” said Dean Christon, Executive Director, New Hampshire Housing. “Given the foreclosure activity over the past few years, greater numbers of former homeowners have entered the rental market and this has naturally caused rental rates to rise.”
Christon also noted a lack of availability of market rate rental units. “We have seen fewer multi-family housing project starts, and those units that are being built tend to be offered at the higher end of the market,” he said.
The survey is conducted each April by the University of New Hampshire Survey Center and New Hampshire Housing. The 2012 survey compares information on 32,494 market rate rental units across the state.
The “Residential Rental Cost Survey” provides a comprehensive picture of the status of rental housing in the State of New Hampshire. New Hampshire Housing and other public and private organizations use the data collected through the survey to help identify needs and establish priorities for housing programs.
The report is available online at www.nhhfa.org in printable format as well as part of New Hampshire Housing’s newly redesigned online interactive housing and demographic data, which allows users to obtain this rental cost information plus purchase price and U.S. Census data at the state, county and town levels.
About New Hampshire Housing Finance Authority: New Hampshire Housing is a self-supporting, public benefit corporation that operates a number of programs designed to assist low- and moderate-income persons with obtaining housing. Since its inception, New Hampshire Housing has helped nearly 39,000 families purchase their own homes and has been instrumental in financing the creation of more than 14,000 multi-family housing units. More information about its programs can be found on the agency’s website at www.nhhfa.org.
Phone: (603) 310-9255
Source: New Hampshire Housing Finance Authority