Real Estate Industry News

Boston Globe

By Emily Sweeney, Globe Staff

You might not think finding an apartment in Gardner would be all that tough. But as it turns out, Central Massachusetts is home to one of the most competitive rental markets in the United States, a new study has found.

The study by Forbes Advisor analyzed data on the cost and availability of rental units in the 75 most populated metro areas nationwide, and ranked the Worcester metro area as the third most competitive market in the country, an unusually stark sign of the state’s housing crunch.

“With extremely low vacancy rates and some of the worst availability of rental units, Worcester metro area renters are battling a tough rental market,’’ the study said.

The metro area covers Worcester County and Windham County in northeast Connecticut. Worcester County is the state’s largest county by area in Massachusetts and the second most populous with more than 866,000 people.

And its rental housing market is drum-tight.

The number of rental units available in the metro area “is seventh worst across the study with an average of 94 available rentals per 100,000 households, well below the study average of 240,’’ the study stated.

At less than 2 percent, the metro area had the second-lowest rental vacancy rate in the country, the study found. Renters in the region have seen the third-highest increase in rental prices over the last year, with a hike of $163.

“Worcester made it in the top 25 most competitive rental markets due to its high rental prices, with a median price of $1,995 per rental — nearly $200 higher than the study median price of $1,804,’’ the study said.

The Boston-Cambridge-Newton Metro Area was ranked 12th; the Hartford area was ranked 14th, and the Bridgeport-Stamford-Norwalk Metro Area in Connecticut was ranked 21st in the survey.

“Rentals are a hot commodity across the country, thanks to high mortgage rates and elevated home prices,’’ the study said. “Now, there are greater cost savings to renting versus buying in most of the top metro areas. Recent data from found that the average monthly cost of buying a starter home was $1,027 higher than renting in February 2024.’’

If you’re wondering where the least competitive rental markets are, they’re not around here.

Nowhere in New England cracked the 25 least competitive markets. The closest place was the Albany-Schenectady-Troy Metro Area, which ranked 12th.

The Baltimore metro area took the top spot as the least competitive rental market in the country, with a median rental price of $1,500.

The rankings were determined by eight metrics: the number of available rentals; the rental vacancy rate; the one-year change in rental vacancy rate; the number of new unit building permits; rental price changes from 2023 to 2024; median rental prices; percentage of prospective renters; and percentage of renter-occupied housing units compared with owner-occupied housing units.

Emily Sweeney can be reached at Follow her @emilysweeney and on Instagram @emilysweeney22.


The City of Worcester is home to the third-worst real estate market for renters in the United States, according to a recent study released by Forbes Advisor.

Forbes found that the Worcester, MA-CT Metro Area, which encompasses all of Worcester County and parts of northeast Connecticut, has the third most-competitive rental market in the country, based on data from the first quarter of 2023 through the first quarter of 2024. The report cites the city’s low vacancy rates and high median rent as the reason for its ranking as the number of housing units that are available for rent are becoming scarce in the heart of the Bay State.

Forbes found that the first and second-worst real estate markets for renters in the country were the metro areas Virginia Beach and New York City, respectively.
According to the report, Worcester has the second-lowest vacancy rate in the country. Only 1.7% of all available apartments in the area are currently unoccupied — well below the average vacancy rate of 6.3%.
Out of 100,000 households that are in Worcester, the study found an average of 94 units are currently available, making Worcester the seventh-worst area in the country regarding available houses for rent.
“With extremely low vacancy rates and some of the worst availability of rental units, Worcester metro area renters are battling a tough rental market,” the report reads.
The study also found that Worcester renters saw the third-highest increase in rental prices at $163 year over year. The median price for renting an apartment unit in Worcester is $1,995 — higher than the national average of $1,804.
In comparison, Forbes found that the Boston-Cambridge-Newton, MA-NH vacancy rate was 2.7% while rental prices increased by $200 year over year. The Department of Housing and Urban Development states that an acceptable vacancy rate for any metropolitan area in the United States is 5% — a rate that neither Worcester nor Boston currently have.

Which steady real estate markets will buyers flock to in 2024? According to the 2024 Forecast, 10 housing markets have been identified as the next homebuying hot spots. Of the 10 housing markets, five are in California where many of these markets are predicted to rebound next year.

To determine which housing markets are anticipated to fare better than others, the economics team predicted home sale prices and the number of existing-home sales in the 100 largest U.S. metropolitan areas. In descending order, here are the top 10 real estate markets of 2024.

10. Los Angeles, California

  • November median home list price: $1,150,000
  • Forecasted 2024 home sales price change: 3.5%
  • Forecasted 2024 home sales change: 9.2%

9. Grand Rapids, Michigan

  • November median home list price: $390,000
  • Forecasted 2024 home sales price change: 7.2%
  • Forecasted 2024 home sales change: 6.1%

8. Worcester, Massachusetts

  • November median home list price: $475,000
  • Forecasted 2024 home sales price change: 4.8%
  • Forecasted 2024 home sales change: 9.1%

7. Springfield, Massachusetts

  • November median home list price: $350,000
  • Forecasted 2024 home sales price change: 4.2%
  • Forecasted 2024 home sales change: 10.5%

6. Bakersfield, California

  • November median home list price: $385,000
  • Forecasted 2024 home sales price change: 2.3%
  • Forecasted 2024 home sales change: 13.4%

5. Riverside, California

  • November median home list price: $585,000
  • Forecasted 2024 home sales price change: 2%
  • Forecasted 2024 home sales change: 13.8%

4. San Diego, California

  • November median home list price: $995,000
  • Forecasted 2024 home sales price change: 5.4%
  • Forecasted 2024 home sales change: 11%

3. Rochester, New York

  • November median home list price: $239,000
  • Forecasted 2024 home sales price change: 10.4%
  • Forecasted 2024 home sales change: 6.2%

2. Oxnard, California

  • November median home list price: $1,037,000
  • Forecasted 2024 home sales price change: 3.3%
  • Forecasted 2024 home sales change: 18%

1. Toledo, Ohio

  • November median home list price: $200,000
  • Forecasted 2024 home sales price change: 8.3%
  • Forecasted 2024 home sales change: 14%

November 27, 2023

Boston is the largest city in New England, with a population of about 651,000 people. Do you know which city comes in second?

Stumped? I posed the same question to more than a dozen people during a recent walk around Boston, and they struggled, too. Some guessed Providence or Portland. Others thought Hartford or Burlington.

New England’s second most populous city is actually Worcester, Massachusetts, with a population of about 206,000 people.

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Worchester Business Journal
October 30, 2023

Youth and magnetism seem like two great qualities to have in a city, but Worcester’s growing young population and stiff competition for real estate create problems city leaders must solve, in order for them to keep attracting people to the city.

The Worcester Regional Research Bureau tracks these and other city data points in its annual Worcester Almanac report, as well as other studies highlighting important demographic shifts in New England’s second-largest city.

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March 2, 2023

CBRE forecasts that delivery of a near-record 716,000 new multifamily housing units over the next two years will push the sector’s overall vacancy rate above equilibrium from 4.6% to a peak of 5.2% by year-end.

This may come as a surprise to some, since the U.S. currently has an overall housing shortage—nearly all of which is in single-family homes and not multifamily units. CBRE expects that demand for rental housing will gain momentum this year as vacancy peaks only slightly above its long-run average of 5.0%.

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July 19, 2022
Tréa Lavery

Massachusetts is home to two of the country’s best metro areas for life sciences research talent, according to real estate and investment firm CBRE.

Boston and Cambridge ranked first in the list together, while Worcester came in at 15th. The list was based on number of people working in life science as well as number of people with relevant advanced degrees, among other factors like nearby universities and research centers.

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RealPage Analytics Blog 
July 5, 2022
Jay Parsons

Roaring inflation is opening up new questions on the outlook for rental housing. As consumer pocketbooks get stretched due to rapid increases in cost for pretty much everything, what will be the impact to rental rates?

Well, we have to go back 40+ years for clues. That was when we last saw inflation like we see today.

From 1974 to 1985, a stretch that included three separate economic contractions, rents increased 7% to 12% each year. That’s pretty close to where we are today, and perhaps a sign of what’s to come with rents if inflation persists. And it’s a reason we’re skeptical of reversion-to-mean rent forecasts, even if the economy continues to soften.

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Bob Simonds
SMC Management Edgebrook Residences Updates
Merrimack, NH

SMC Management is preparing to start staffing their newest project – Edgebrook Residences, in Merrimack, NH., and will be  selecting Furniture, Fixtures, and Equipment (FF&E) for the model unit, the offices, and the community spaces. PC Construction is busy painting walls, and installing flooring in the Club House, as well as starting the electrical, and plumbing finishes in some of the apartments. There is still  a ways to go with common areas, but the team is making good progress. Next month, tours of some of the finished units will be shared. 

click here for a current construction drone update 

The Wall Street Journal
September 14, 2021

By Will Parker 

Despite a yearlong national eviction ban and continuing pandemic, it has rarely been a better time to be a big apartment-building landlord.

National asking rents rose 10.3% in August, measured on an annual basis, according to Real Page, a rental-management software company, which analyzed more than 13 million professionally managed apartments. That marked the first double-digit increase in the more than 20 years this data has been collected, and in several hot cities the rent increases were much greater than the national figure.

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The Real Reporter
August 23, 2021

By Mike Hoban

The neighborhood of Allston has undergone multiple transformations over the last century-and-a-half. From a community once sustained by railroad and livestock operations to one of industrial uses and auto showrooms, populated by a combination of working-class families, students, and later artists, the neighborhood is about to see massive commercial and residential redevelopment – driven in part by Boston’s rapidly expanding life science industry. 

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Red Business Online
July 16, 2021

By Simon Butler, vice chairman, CBRE; Biria St. John, vice chairman, CBRE; John McLaughlin, senior vice president, CBRE; and Colleen Pentland Lally, vice president, CBRE

As we emerge from pandemic-era lockdowns and restrictions, Boston’s multifamily market is proving once again to be extremely resilient.

With businesses, offices, restaurants and leisure activities rapidly returning to normal, both the overall economy and multifamily fundamentals are rebounding with a velocity that has far outpaced industry expectations to date.

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June 11, 2021

Northeastern metros are rebounding from the disruption of Covid-19, and no market in the region is enjoying a more broad-based recovery than Boston, which shows consistent signs of resilience and growth across five metrics.

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Boston Real Estate Times
May 18, 2021

LOWELL, Mass.— Anchor Line Partners, LLC and CrossHarbor Capital Partners, LLC announced that IBM has signed a landmark lease on 150,608 square-feet of office space at CrossPoint in Lowell, Mass.

IBM, one of the world’s premier technology and innovation providers, will join the already impressive CrossPoint roster beginning in January 2022. This lease represents one of the largest office relocations in all of Greater Boston since the start of the pandemic. Anchor Line Partners has significantly upgraded the property since acquiring CrossPoint in June 2014.

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By Tim Logan
The Boston Globe
February 28, 2021

WATERTOWN — A aging mall in a hot part of Greater Boston’s exploding life sciences industry could soon be reconfigured as . . . what else? Lab space.

Heavyweight life sciences developer Alexandria Real Estate Equities has a deal in place to buy the Watertown Mall, according to four real estate industry executives familiar with the deal. The sale has not closed, and thus could yet fall through, but if it goes through, the deal would represent the latest burst in an explosion of life sciences development along Arsenal Street in Watertown’s East End.

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By Tom Acitelli
Curbed Boston
August 2, 2019

Officials in the Boston area permitted an average of 2.3 new housing units per 1,000 residents from 2008 to 2018, according to a new report from real estate listings and research site Apartment List.

At the same time, though, the region slapped on 5.8 jobs per 1,000 residents, meaning that 2.5 jobs were added for every new housing unit in the Boston region.

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By Daniel Calano
New England Real Estate Journal
July 12, 2019

The growing industry of self storage is another example of the power of baby boomers and millennial’s converging on the same interests. Boomers are retiring, typically downsizing, and wondering what to do with excess stuff. Their children often don’t want it, because as millennial’s they tend not to accumulate.

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You have a stable job and a solid nest egg. Time to buy a home, right? Not necessarily.

Although homeownership can offer financial benefits like equity, appreciation, and tax deductions, there may still be good reasons to keep renting even when you can afford to buy, including more mobility and financial flexibility.

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NH Housing Needs

Presentation by Russ Thibeault at NHHFA Housing Conference

By John Egan 
National Real Estate Investor
February 1, 2019

With rent growth climbing and demand hitting its highest level in eight years, 2018 proved to be a good year for the multifamily sector. But what’s on tap for 2019?

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By Erika Morphy
October 29, 2018

After exceeding the 10% threshold for the first time ever in 2017, the average target allocation to real estate increased 30 basis points among global institutional investors to reach 10.4% in 2018, according to Hodes Weill & Associates and Cornell University’s sixth annual Institutional Real Estate Allocations Monitor. Moreover, institutions are forecasting a further increase of 20 basis points over the next 12 months.

There’s nothing magical about 10% other than it is finally a double digit allocation, Doug Weill, Managing Partner at Hodes Weill, tells “It is not clear how large allocations will grow, but we are starting to hear people talk about 15 to 20% for real estate and real assets combined.” Weill says he doesn’t think that will happen in the near term but it is more of a long-term goal.

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The construction of 280 apartments is expected to begin later this year at the site of the former Merrimack Hotel and Conference Center.

This week, private investor Robert Singer sold the large parcel on Executive Park Drive to SMC Management Corp. of Watertown, Mass., for an undisclosed price.

The real estate development company hopes to break ground on the project as soon as possible, building 280 apartments that consist of studio, one- and two-bedroom units next to the WoodSpring Suites Hotel near Cinemagic.

“This is going to be spectacular for Merrimack,” said Singer, president of Merchants Auto.

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In one U.S. city, 70% of households are renting rather than owning

A decade after the Great Recession, homeownership is on the rise ( reaches-three-year-high-as-rebound-from-crisis-gathers-pace-2018-01-30) in the U.S. But for many residents of the country’s largest cities, renting is still the reality.

The share of people renting their home, rather than owning it, increased in all 50 of the largest cities in the country between 2006 and 2016, according to a new report from real-estate website (ZG). Renter households now represent the majority in 29 of those 50 cities — back in 2006 at the start of the housing crisis, only 16 had renter-household majorities.

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Some states shine in health care. Some soar in education. Some excel in both – or in much more. The Best States ranking of U.S. states draws on thousands of data points to measure how well states are performing for their citizens. In addition to health care and education, the metrics take into account a state’s economy, the opportunity and quality of life it offers people, its roads, bridges, internet and other infrastructure, its public safety and the fiscal stability of state government.

See Full Report

Believe it or not, Manchester, NH, has the same percentage of high-tech jobs as the well-heeled tech hubs of Washington, D.C., Boston and Austin.

Of course, a metro such as Boston has an employment base 10 times larger than Manchester’s with three million total workers, so that means a lot more tech jobs too, but the health of high-tech is just as important to Manchester as it is to Boston.

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January 30, 2018

LeBron James. Serena Williams. Lionel Messi. New Hampshire.

The Granite State might seem like an outlier in a group of historically dominant stars, but it joins their prestigious company with a fourth straight year atop POLITICO Magazine’s quasi-annual ranking of the 50 states of the union, including its tie in 2016 with Minnesota. New Hampshire leads the nation with its low poverty rate and infant mortality rate, as well as its high reading test scores and percentage of its population employed in STEM (science, technology, engineering, math) fields, while also cracking the top five in lowest levels of crime, income inequality and unemployment.

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Lowell Sun

January 23, 2018

The Cross Point towers have changed ownership again in a $227 million sale, more than twice the price at which the property sold just three and a half years ago, documents show. Boston’s Anchor Line Partners sold the office buildings to CrossHarbor Capital Partners, a commercial real estate firm that has an office in Boston. The $227 million sale was executed by LLCs for the two businesses, both of which are based in Delaware, according to the official deed.

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Market Watch 

January 13, 2018

A majority of Americans are renting on the cheap — at least, compared to what they’d be paying if they bought a home.

Most Americans (64%) live in a county where renting takes up a smaller portion of one’s paycheck than buying, according to a report released Thursday by real estate data firm Attom Data Solutions. And yet in more than half (54%) of housing markets — 240 of 447 U.S. counties — buying a median-price home is actually more affordable than renting a three-bedroom property.

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Multi-Housing News 

November, 1, 2017

New research into today’s renters’ preferences suggests how apartments might be reshaped in the future. NMHC’s Rick Haughey examines this issue.

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Boston Globe

September 28, 2017

Conde Nast magazine named it the “#9 Most Underrated City for Millennials.’’ Wall Street Journal titled it one of the “New Silicon Cities.’’ Politico Magazine called it a “Millennial Marvel.’’ Men’s Health listed it as the “#2 Most Coffee Obsessed City in the U.S.’’

Manchester, N.H., a historic mill town with a scruffy, down-and-out reputation, is going through a slow renaissance. Infused with company start-ups, high-tech firms, and mega renovation dollars, this multiethnic city is buzzing with new energy.

“Manchester is on a really positive trajectory,’’ says Michael Skelton, president and CEO of the Greater Manchester Chamber of Commerce. “There are a lot of jobs available right now, and we have a relatively low cost of living compared to Boston and other cities, so it’s very appealing.’’

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On July 31, 2017 SMC consummated the acquisition of The Terraces at Western Cranston, an existing 216 Class A apartment complex for $31.1MM.

This property contains 216 residential units and a clubhouse | management | amenities building situated on 8.6 acres of well-landscaped grounds. The property sits on a knoll so that its attractive architecture and dramatic topography create very strong curb appeal. The property was sold by Aspen Square Management, a residential developer and investor with a national presence. Aspen Square acquired the property in 2013 from The Federal Home Loan Mortgage Corp. (“Freddie Mac”) who had acquired the property as the result of the well-publicized financial collapse of Fairfield Residential. As expected, the collapse of Fairfield was preceded by years of reduced capital budgets and staff turnover at the property level. Consequently, when Aspen acquired the property in 2013, it needed to invest a significant amount of “catch up” capital to restore the base property to market condition. Much of this capital was invested resulting in a spectacular new clubhouse/management office, a separate business center, and the renovation of 146 units. Since the time of the acquisition, Aspen has shifted its focus out of New England making the subject property an “outlier” in its portfolio. With a significant capital program already completed, Aspen selected SMC as the next owner.
Because the capital program was not completed, but results from the renovated units and upgraded clubhouse have already had a positive impact on the rent roll, SMC perceives additional upside potential in the completion of the capital program and an aggressive management style for the following reasons:

  • The City of Cranston has strong demographics with above-average household income and an educated work force;
  • Terraces is situated in close proximity to Providence and its major employers;
  • Terraces is located close to Brentwood Apartments, a 240-unit complex located in North Providence which is owned by an affiliate of the sponsor. This property underwent a similar upgrade after its acquisition in 2014 and has performed well since its acquisition;
  • The property is less than 20 years old and has been partially restored to a Class A property level;
  • The property offers attractive floor plans and amenities which are very similar to the units at Brentwood as both properties were constructed by the same builder in the late 1980’s. Because of these similarities, the renovation program will be similar with both costs and timeline easier to track;
  • The acquisition price reflects an approximate 20% discount to replacement cost;
  • The redirection of the seller’s focus prior to the completion of the upgrade program results in an opportunity for SMC;
  • Modest enhancements to the unrenovated units and common areas will keep the property competitive on the front edge of the market over time;
  • According to the Q4 2016 REIS Report, the Providence market (which includes Cranston) will see an average vacancy rate of 2.9% for the next 5 years;
  • According to the same REIS report, the 5-year inventory growth rate (new units coming on line) for the Providence market will be .8%. The absence of new product will keep rents in a growth mode;

SMC Management Corporation is a fully integrated, Boston‐based real estate investment, development and asset management firm. Located in Metro Boston with a satellite office in Manchester, New Hampshire, SMC acquires and manages commercial and residential properties in New England and other select markets on behalf of its investors.

By Micheal Cousineau
NH Union Leader
July 8, 2017

Rents in New Hampshire have gone up for a fourth year in a row while the vacancy rate continued getting worse for renters.

The statewide median gross rent, which includes utilities, for two-bedroom units clocked in at $1,263 a month, or more than 4 percent higher than last year, according to an annual survey by the New Hampshire Housing Finance Authority.

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By David L. Harris
Boston Business Journal
April 17, 2017

Taurus Investment Holdings LLC, a private global real estate investment firm based in Boston, announced that it had acquired the Wellington Parkside apartment complex in Everett.

The 12 Valley St. property, built in 2015, is a 190-unit, Class A apartment complex. SMC purchased the lot that houses the complex in 2013 for $4 million, according to Middlesex County deeds.

“We are excited about our recent acquisition,” said Taurus CEO Peter Merrigan in a statement. “The combination of major area developments, including Assembly Row, Station Landing, and the future Wynn Casino, coupled with transportation infrastructure providing access to Boston were attractive attributes to the opportunity. With modest property improvements, combined with Taurus management and marketing approach, we believe the property will be well positioned to take advantage of the positive changes to Everett and the overall dynamics of Boston’s urban-infill submarket.”

Terence Scott of TMS Real Estate Investment Advisors, Simon Butler and Biria St. John of CBRE New England marketed the property for sale on behalf of SMC Management.

By John Laidler
Boston Globe
April 19, 2017

The casino era in Everett took another step forward when Mayor Carlo DeMaria and other local officials helped celebrate the first hotel to open in the city in more than 70 years.

The 101-room enVision Hotel Boston-Everett is located at 1834 Revere Beach Parkway, about 2 miles from the future Wynn Boston Harbor casino.

Read the full article

After the success of enVision Hotel Boston Longwood, enVision Hotels is excited to announce their second hotel in the Boston area opening in Spring 2017.

As a loyal guest of the enVision Hotel Boston Longwood, we want you to know first that we’re now accepting reservations for the new enVision location. We hope to see you soon.


New England Real Estate Journal
December 2, 2016

Fulcrum was selected by SMC Management Corporation of Watertown Mass. to construct the new Residences at Riverfront Landing project located at 62-70 Bridge St. Boasting scenic views of the Merrimack River, the project will include three separate residential buildings consisting of four floors of apartments above a deck of structured parking. Each residential building will consist of 76 units, for a total of 228, market-rate apartments and is a partnership between SMC Management and Master Developer Renaissance Downtowns. The site is commonly identified as the Bridge St. “skate park” site, and is situated adjacent to a levy that was constructed in 1947 and since has been maintained by the city. Read the full article

By Champaign Williams
November 17,2016

Generally speaking, when American households reach the $50k to $75k income bracket they transition from renters to homeowners, but a recent RentCafé study reveals that these US demographics are shifting. Read the full article

Housing Market Update November 2016

Increased employment and home prices signal economic growth.

One indicator of New Hampshire’s housing market recovery is rising prices in key areas of the state, specifically in Hillsborough and Rockingham counties. On a statewide basis, the inventory of
homes for sale has decreased and the pace of home sales has increased. Those New Hampshire households that are willing and qualified to take advantage of continued low interest rates may have an opportunity to get into homeownership. However, borrowers must still have an adequate
down payment and excellent credit to qualify for a mortgage under the tighter credit requirements in place since the Great Recession. Furthermore, the inventory of homes selling for under $300 thousand is very limited in those key areas of the state and there is little new construction.

Full Update

By Catherine Carlock
Boston Business Journal
October 7, 2016

New York and San Francisco, the two cities with the highest apartment rents in the country, both saw negative rent growth in the third quarter from the second quarter. But Boston saw a 0.9 percent increase to an average effective apartment rental rate of $2,072, according to the third-quarter apartment sector survey by New York-based real estate research firm Reis Inc.

Boston’s $2,072 average rental rate is the third-highest in the U.S., the Reis report said. The city outstripped San Jose, California, which posted an average effective rent of $2,053 in the third quarter. New York’s average effective rent declined 0.1 percent in the quarter to $3,441, while San Francisco’s declined 0.8 percent to $2,481.

Read the full article

Joint Center for Housing Studies of Harvard University – The State of the Nations Housing 2016

Download the full report

New Hampshire Union Leader

MANCHESTER – Quartz countertops and balcony views of the Merrimack River will greet some renters of apartments rising next to Northeast Delta Dental Stadium.

The first renters are expected to move next month into Riverwalk Apartments, where monthly rents will run from $1,050 for a studio (502 square feet) to around $2,000 for a two-bedroom unit (1,020 square feet).

Boston-area developer Stephen Chapman is putting his firm’s money where he thinks the market is.

SMC Management Corp. out of Watertown, Mass., is building 238 apartments in Manchester – including 88 apartments in the building that once housed Hesser College – with plans for another 228 units in Nashua.

“I’m very bullish on southern New Hampshire, and I’m very bullish in the area in and around Manchester because it has demographics superior to any other city in New Hampshire,” Chapman, SMC’s principal partner, said last week.

SMC also late last year bought Waterford Place Apartments, 384 units off of Hackett Hill Road in Manchester.

The vacancy rate for rental housing is running at less than 2 percent in Hillsborough County, which includes Manchester and Nashua, according to a study released last month by New Hampshire Housing, which helps people obtain affordable housing.

“Low vacancy rates suggest that there is a need for additional rental housing construction to meet demand,” said Executive Director Dean Christon.

Mike Skelton, president and CEO of the Greater Manchester Chamber of Commerce, said the area’s economy is expanding.

“The growth in the Millyard from companies like Dyn, SNHU, PillPack and many others along with development around the airport and in Bedford are all fueling the need to ensure we have a diversity of housing options available to match the expectations of consumers,” Skelton said.

SMC is spending $31 million on Riverwalk Apartments, which borders the riverwalk and is near the footbridge that spans the Merrimack.

“I happen to like what Manchester’s doing in terms of the riverwalk, trying to make that a people-friendly area,” Chapman said.

That site was initially being developed by Chinburg Builders with property taxes from residences helping to pay for the $27.5 million ballpark. SMC purchased the property, with most of the permitting already done, for $1.05 million, Chapman said.

Three five-story buildings, each with 50 apartments and one level of underground parking, includes brick and vinyl siding with the last building scheduled for completion by year’s end. Renters in a few top-level apartments in the building closest to the ballpark will be able to see into right field, according to Sharon Breighner, senior regional manager at CP Management in Exeter, the property manager.

Chapman also is putting in 88 apartments in The Sundial Center of Commerce and Education off Queen City Avenue that should be finished by January. Square footage will range from 608 to 920 square feet with monthly rents between $1,200 and $1,700, though, they are subject to change, Brieghner said.

Chapman hopes to capture people taking newly created jobs in Londonderry, near Manchester-Boston Regional Airport, as well as those working within a few miles.

Meanwhile, another developer who built apartments units in the Citizens Bank building on Elm Street is asking between $1,400 and $3,000 a month, with the largest units covering 1,500 square feet.

“The cost of newer projects has not been a concern I have heard as I think everyone recognizes that we need a diversity of options that ranges from affordably priced units to higher-end luxury units,” Skelton said. “The higher-end units are newer additions to our housing stock but are in line with the expectations of the employees of quality, high-paying jobs being offered in the Millyard and the region.”

In Nashua, Chapman’s company hopes to break ground in a month or two on the first two buildings of Residences at Riverfront Landing at Bridge Street where it crosses the Merrimack River, immediately south of where the Nashua and Merrimack rivers come together, according to Robert Simonds, SMC’s director of capital projects.

The first 152 apartments should be finished by fall 2017. Work on the third building is expected to start in fall 2017 and be completed about a year later.

“People are choosing apartment living as a lifestyle choice,” Chapman said.

By Suzanne Woolley
July 28, 2016

We’re all looking for a safe but adequate income stream, and that includes the very wealthy. Like most investors, they’re having a hard time finding it. That’s clear in the latest portfolio update on the asset allocation of the “ultra-high-net-worth investors” that make up Tiger 21,1 a peer-to-peer learning network. They just can’t find passive assets that produce enough income to let them put their portfolios on autopilot, said the group’s founder and chairman, Michael Sonnenfeldt.

This is hardly a tragedy; there is that big pile of principal they can dip into. The group’s 440 members, whose average age is 54, are managing more than $40 billion worth of personal investable assets. Still, many are lowering their annual portfolio withdrawal rates and trying to work their assets harder.
Read the full article here

Housing Market Update July 2016

2016 Residential Rental Cost Survey

New Hampshire rents increase nearly 15 percent over last five years.

New Hampshire’s housing market continues to pose challenges for renters, a recent survey finds. New Hampshire Housing’s annual residential rental cost survey, which canvasses market-rate units across the state in order to gauge the condition of the rental market, found that vacancy rates dropped while rents increased – a continuation of a long-term trend. The state vacancy rate fell to 1.5 percent, while the median rent for a two-bedroom apartment, including utilities, is at $1,206. Seven of New Hampshire’s ten counties have lower vacancy rates than last year. Vacancies are significantly lower in the state’s most populous southern tier, where the bulk of New Hampshire’s rental housing is located. Hillsborough, Merrimack, and Rockingham counties all have vacancy rates below two percent and are lower than their 2015 rates.

View The Survey