Rents continue to rise in New Hampshire

New Hampshire Housing Finance Authority this week released its latest survey of rental costs across the state. The survey shows that the decade-long trend of rising rental costs continues, with the statewide median two-bedroom gross rent reaching $884, which is 8 percent higher than last year's median of $818. The median cost for all size apartments statewide is $810, up from the figure of $738 from a year ago."The spiraling cost of both rental and for-purchase housing is a clear indication that the supply of housing in southern New Hampshire continues to fall far short of demand," said Claira P. Monier, executive director of New Hampshire Housing Finance Authority. "Although there appears to be evidence of cost stabilization in some of the northern and western areas of the state, market pressures in the southern tier have not eased at all over the past year."The highest rents in the state are found in the state's southern region, with Rockingham County's median cost of $1,009 for a two-bedroom apartment being the highest gross rents of any county. Two or that county's larger communities, Derry and Portsmouth, also topped $1,000 in median rental costs for a two-bedroom apartment. In Hillsborough County, both Manchester and Nashua reached the $1,000 mark as well.Six out of the state's 10 counties have shown rent increases of at least 25 percent over the past five years. During that period, the highest percentage increase, 37.5 percent, was in Rockingham County; Hillsborough County, at 36.7 percent, was a close second. Belknap, Grafton, Merrimack and Strafford are the other four counties to have experienced 25 percent or greater increases in rental costs since 1997.Monier said the rising cost of rental housing can be tied directly to a critical shortage of rental housing, noting that, while the state's economy and population grew significantly during the last decade, there was little construction of new multi-family housing."The results of this rent survey confirm the pressing need for an expanded supply of multi-family rental housing in much of our state," Monier said. "This issue must be addressed if we are to maintain a strong and stable environment for continued economic growth."The finance authority's annual Residential Cost Survey has been conducted each year since 1986. This year's survey is the result of information gathered on more than 29,000 rental units across the state. In order to standardize rental costs, survey results are reported as "Gross Rents" which add the contract rent, the rents paid to property owners, with an allowance for tenant-paid utilities. The most common type of rental housing within the state is a two-bedroom unit. The finance authority and other public and private organizations use the data collected through the survey to identify needs and establish priorities for housing programs. A complete copy of the survey can be found of the authority's web site at www.nhhfa.org.New Hampshire Housing Finance Authority is a non-profit, public corporation established by the state legislature. The authority operates a number of programs designed to assist low- and moderate-income persons to obtain housing. Since its inception, the authority has assisted more than 27,000 families in purchasing their own homes and has been instrumental in financing the creation of more than 10,000 multi-family housing units.More information about single family and multi-family housing programs offered by New Hampshire Housing Finance Authority can be found on the authority's web site.