To see the New Hampshire Housing report: https://indepthnh.org/wp-content/uploads/2023/07/NHH-2023-Res-Rental-Survey-Report.pdf
To afford the statewide median cost of a typical two-bedroom apartment with utilities, a New Hampshire renter would have to earn 137% of the estimated statewide median renter income, or more than $70,600 a year, according to the just released New Hampshire Housing 2023 survey.
The statewide monthly median gross rent (including utilities) of $1,764 for two-bedroom units is up 11.4% over last year.
Average monthly utility costs increased substantially over the last year due to a spike in energy prices, which contributed to the survey’s reported 11.4% increase in monthly median gross rent for two-bedroom units. The 2023 Residential Rental Cost Survey gathered responses from the owners of 17,116 market-rate (unsubsidized) rental housing units, or 11% of all units statewide.
With a vacancy rate of 0.8% for all rentals, finding an apartment that is affordable is very difficult. (A vacancy rate of 5% is considered a balanced market for tenants and landlords.)
The challenges of New Hampshire’s rental market are related to the state’s limited inventory of for-sale homes, particularly those affordable for most first-time homebuyers, according to the report.
That, coupled with interest rates hovering at 6 – 7%, has kept many households as renters, contributing to low rental vacancy levels because people are unable to achieve homeownership.
Nationally and in New Hampshire, the supply of low-cost rentals continues to decline, according to The State of the Nation’s Housing 2023, issued by The Harvard Joint Center for Housing Studies. ASSESSING THE NEED FOR HOUSING IN NH Based on the state’s estimated population growth, a total of 23,670 housing units is needed today to meet New Hampshire’s current housing shortage, according to the NH Statewide Housing Needs Assessment issued earlier this year.
It also reported that by 2040, New Hampshire will need nearly 90,000 units more than we have today.