Shalom @Benny Gelbendorf. Nice to "e-meet" you :) I have a lot of family in Israel, so was happy to see the Israel to NH connection. Regarding the NH rental market - I figured I would jump in since I found this in my recent research: The 2017 Residential Rent Cost Survey, conducted by New Hampshire Housing.
What I found interesting was the info below. My husband @Greg Snell/partner and I are particularly interested in investing in property in the HMFA (HUD Metropolitan Fair Market Rent Area. Which includes: (Barrington, Brentwood, Dover, Durham, East Kingston, Epping, Exeter, Farmington, Greenland, Hampton, Hampton Falls, Kensington, Lee, Madbury, Middleton, Milton, New Castle, New Durham, Newfields, Newington, Newmarket, North Hampton, Portsmouth, Rochester, Rollinsford, Rye, Somersworth, Strafford, Stratham)
See page 12 of report for rent ranges for this area and it looks very promising in terms of cash flow for many of the area we are looking to buy multifamilies in (particularly Rochester, Newmarket, Dover, Somersworth, etc).
"The (2017) survey found that the statewide median gross rent of $1,263 (including utilities) for two-bedroom units has increased over 4% since 2016 – the fourth year in a row that rents have increased.
Meanwhile, the vacancy rate continues to decline; this year it stands at 1.4% for two-bedroom units. An average vacancy rate of 4% to 5% is considered a balanced market for supply and demand.
All 10 of the state’s counties saw an increase in median gross rent, with rents – as expected – highest
in the southern counties near the state’s largest cities and close to employers as well as the Boston job
market. This is also where most of the state’s rental housing properties are located. In order to afford
the statewide median cost of a typical two-bedroom apartment with utilities, a renter would have to earn 131% of the median renter income, or over $50,400 a year. While there has been an increase recently in the construction of new rental housing, these tend to be higher-end units with amenities. Young working professionals and older individuals who are downsizing their households are competing for these units, further driving up rental costs. The ongoing tight housing market also reflects low- to moderate-income households that continue to rent because there’s a scarcity of affordable homes to buy.
To stimulate business growth in the state, there is a need for ample affordable housing for workers. New Hampshire Housing last year financed the creation or rehabilitation of more than 1,000 high-quality affordable rental units for working families and seniors, and provided direct rental assistance to thousands of very low-income households. This translates to an investment of about $150 million into the state’s economy last year. Addressing this need for housing requires an ongoing commitment from both the public and private sectors. In particular, it remains critical that local regulatory policies provide reasonable opportunities for housing development, to meet the needs of a growing economy.
New Hampshire Housing is committed to working creatively to provide housing to meet the needs of our state’s residents and businesses. Through these efforts, economic activity and business growth in the state are stimulated; jobs in construction, real estate and lending are supported; and the availability of affordable workforce housing is increased."
I would be super interested to chat off-forum if this seems mission-aligned to you and you think there is an opportunity to make profit while helping to develop an economy.
