What Are the Best Neighborhoods in New Hampshire for Rental Properties?
Some of the best neighborhoods in New Hampshire for rental properties include downtown Portsmouth, downtown Manchester, and downtown Concord. These urban neighborhoods have walkable amenities, good public transportation, and proximity to major employers that attract renters. Suburban neighborhoods around Nashua and Bedford are also good options with quality school districts that appeal to families.
What Are the Average Rental Prices in the Best Neighborhoods for Rental Properties in New Hampshire?
In downtown Portsmouth, average rents for a 1-bedroom apartment range from $1,500-$2,000 per month. In downtown Manchester, rents average $1,200-$1,600 for a 1-bedroom. Suburban neighborhoods in Nashua and Bedford tend to have slightly lower rents, averaging $1,100-$1,400 per month for a 2-3 bedroom single family home.
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Which Neighborhoods in New Hampshire Have the Highest Rental Prices?
The Seacoast region, including Portsmouth and surrounding towns, has the highest rental prices in New Hampshire. This is due to the area’s desirability and proximity to beaches, dining, culture and jobs. Other neighborhoods with very high rents include downtown Hanover, home to Dartmouth College, where 1-bedrooms average over $2,000 per month.
What Factors Contribute to the High Rental Prices in Some New Hampshire Neighborhoods?
Several factors drive up rental prices in certain New Hampshire neighborhoods:
– Job growth and economic prosperity, especially in tech and healthcare
– Desirability of living near the coast or a major university
– Lack of new construction to meet demand
– High home prices prevent more residents from buying
– Limited public transportation in some areas
– Strict zoning laws limiting multifamily housing development
How Have Rental Prices in New Hampshire Changed Over the Past Decade?
Rental prices across New Hampshire have increased significantly over the past decade. From 2010-2020, rents rose over 25% statewide, outpacing national averages. The Seacoast region saw some of the fastest rising rents, increasing 30-50% in towns like Portsmouth and Exeter. Demand has outpaced new housing supply, especially following the 2008 housing crash which stalled construction. Local economies and job growth have also attracted new residents driving up demand.
What Is the Highest and Lowest Rental Price for a Single-Family Home in New Hampshire?
The highest rental price for a single-family home in New Hampshire is found in Hanover, home to Dartmouth College, where 3-4 bedroom homes can rent for $4,000-$5,000 per month or more. The lowest single-family rental prices are found in the North Country and border towns with Vermont and Maine, where 2-3 bedroom homes may rent for $800-$1,200 per month.
Conclusion
New Hampshire offers great opportunities for rental real estate investment, especially in urban and coastal areas which command the highest rents. Careful research is needed to identify neighborhoods with strong demand drivers to maximize occupancy and returns. Examining recent price trends and demand factors can help investors pick the ideal locations.