2014 rent survey

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NewHampshireHousingFinanceAuthority

Board of Directors

Stephen W. EnsignCHAIR

Kenneth N. OrtmannVICE-CHAIR

Kendall Buck

John A. Cuddy

Pauline Ikawa

Amy L. Lockwood

Mary Beth Rudolph

Stephanye Schuyler

Michael J. Toomey

Dean J. ChristonEXECUTIVE DIRECTOR

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New Hampshire Housing Finance Authority 2014 Residential Rental Cost Surveyi

TABLE OF CONTENTS

RESIDENTIAL RENTAL COST SURVEY

JUNE 2014

Methodology ii

Rental Cost Data for the State 1

Rental Cost Data for the Counties 2

Rental Cost Data for the Metropolitan Areas 7

Rental Cost Data for Large Communit ies 9

Vacancy Rates 12

Estimates of Affordability 13

Communities in Metropol itan Areas 14

ACKNOWLEDGMENTS: The Authori ty would like to thank the many propertyowners and rental managers who participated in thissurvey.

PREPARED BY: New Hampshire Housing Finance Authority Policy, Planning and Communications Group PO Box 5087

Manchester, NH 03108603-472-86231-800-640-7239TDD: 603-472-2089

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New Hampshire Housing Finance Authority 2014 Residential Rental Cost Surveyii

PURPOSEThe purpose of this survey is to monitor rental housing costs, provide information to housing datausers, and to support New Hampshire Housings program administration.

METHODOLOGY AND DEFINITIONS

The information in this report is the result of a statewide telephone survey conducted by theUniversity of New Hampshire Survey Center for the New Hampshire Housing Finance Authorityduring April 2014. The Survey Center obtained information on 32,666 market rate rental housingunits across the state. Rental properties polled were either included in last year's survey or wereadded to the polling list from online advertisements published in early 2014. When determiningmedian rents, only a portion of the unit data gathered from those projects with more than 10 unitshave been used so as to reduce the bias toward those larger complexes. As a result, thecalculation of median rents is based on a total sample of 14,208 units.

Gross rentsare calculated for each property polled by adding to the contract rent (rent charged bythe landlord) dollar allowances for those utilities the tenant is expected to pay. The addition ofallowances for tenant-paid utilities has the effect of standardizing rental costs. The Authority

determines these utility allowances at the time of the rental survey. They are based on physicalconsumption allowances determined by HUD and current energy costs as determined by a surveyconducted by the Authority. Estimates of the average tenant-paid utility costs are reportedstatewide by unit size on page vi of this report.

Median gross rents are presented for various geographic areas and for each unit size. Themedian represents the gross rent that is at the middle of the distribution when gross rents areordered from lowest to highest. Thus 50% of the sample units in each calculation have gross rentsbelow the median, and 50% have gross rents above the median. The median differs from a meanaverage and has some advantages in that the median is less influenced by extremes in rentalcosts.

Median gross rental costs for the three major HUD Metropolitan Fair Market Rent Areas (HMFAs)in New Hampshire are presented in this report. These areas are the Manchester, NH HMFA, theNashua, NH HMFA, and the Portsmouth-Rochester, NH HMFA. A listing of the communities thatcomprise these areas is provided at the end of this document.

In the tables that follow, some median rents are not reported because the sample was not largeenough to result in a reliable calculation. Categories for which there are insufficient data containthe notation "***". In general, median rents were not calculated when the sample contained lessthan 20 units. Despite the suppression of results for categories with small sample sizes, the datafor those units have been included in the calculation of the overall median rents.

This report includes a chart for each area summarizing results of the Residential Rental Cost

Survey from 1993 to present. The median gross rents for two-bedroom units are plotted to showgeneral trends. The user should keep in mind that the sample set changes each year; therefore,changes in rents may be due to both the change in the sample and changes in utility costs used incalculating gross rents.

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New Hampshire Housing Finance Authority 2014 Residential Rental Cost Surveyiii

Coos$710

Grafton$1053 Carroll

$1001

Merrimack$1079

Cheshire$1044

Hillsborough$1156

Rockingham$1229

Sullivan$957

Belknap$997

Strafford$1012

.

Monthly Median Gross Rental Cost

2014 Median Monthly Gross RentFor 2-Bedroom Units

Less than $900

$900 to $1,100

$1,100 to $1,200

More than $1,200

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New Hampshire Housing Finance Authority 2014 Residential Rental Cost Surveyiv

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New Hampshire Housing Finance Authority 2014 Residential Rental Cost Surveyv

Coos4.4%

Grafton14.2% Carroll

10.9%

Merrimack6.9%

Cheshire1.7%

Hillsborough7.3%

Rockingham3.5%

Sullivan6.7%

Belknap7.3%

Strafford5.3%

.

Monthly Median Gross Rental Cost

Change in 2-Bedroom Median Gross RentPercent Change 2009 to 2014

Increase less than 2.5%

2.5% to 6%

6% to 9%

More than 9%

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New Hampshire Housing Finance Authority 2014 Residential Rental Cost Surveyvi

The chart above represents the change in the average monthly amount of utility costs paidby tenants residing in units where the heating cost was paid by the tenant. These utilitycosts show some fluctuation from year to year due to differences in sampling and changesin utility rates. On balance, the average utility cost for all units combined has increased byless than 2 percent over the past five years; however, over the past ten years there hasbeen an increase of 31 percent.

The following chart displays the difference in overall sample size from one year to the next.The total survey sample size continues to be significantly larger than during the late 1980sand early 1990s.

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New Hampshire Housing Finance Authority 2014 Residential Rental Cost Survey1

2014 Gross Rent (Includes Utilities)Unit Size

(Number of

Bedrooms)

Sample

Size

Rent Range Median

Average*

Utility Cost

to Tenant

0 653 $250 - $1,754 $679 $118

1 4,459 $352 - $2,128 $862 $151

2 7,041 $453 - $2,528 $1,108 $193

3 1,749 $573 - $2,928 $1,307 $237

4+ 306 $647 - $4,503 $1,600 $328

All 14,208 $250 - $4,503 $1,037 $189

* Average is only for units where tenant pays for heat.

STATE OF NEW HAMPSHIRE

$606$617 $618

$663 $666$698

$730$774

$818

$884

$932

$978$989

$1,003

$1,029

$1,044

$1,041

$1,056$1,050

$1,085$1,076

$1,108

$564$573$563$596$606

$636$665

$697$738

$810$854

$896$901

$928$946

$969$969

$980$984 $1,005

$1,018

$1,037

$450

$550

$650

$750

$850

$950

$1,050

$1,150

9/93 4/95 4/97 4/99 4/01 4/03 4/05 4/07 4/09 4/11 4/13

Statewide Median Gross Rent (Includes Utilities)

2 Bedroom Median Gross Rent (Includes Utilities)

Al l Uni ts - Median Gros s Rent ( Includes Ut ili ties)

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

1991

to

92

1992

to

93

1993

to

94

1994

to

95

1995

to

96

1996

to

97

1997

to

98

1998

to

99

1999

to

00

2000

to

01

2001

to

02

2002

to

03

2003

to

04

2004

to

05

2005

to

06

2006

to

07

2007

to

08

2008

to

09

2009

to

10

2010

to

11

2011

to

12

2012

to

13

2013

to

14

Year-Over-Year Percent Change InStatewide Two-Bedroom Median Gross Rent

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2014 Gross Rent (Inc ludes Utilities)Unit Size

(Bedrooms)

Sample

SizeMedian

0 25 $439 - $800 $6071 147 $520 - $1,043 $7522 212 $607 - $1,589 $9973 80 $802 - $2,439 $1,223

4+ 11 $1,147 - $4,503 ****All 475 $439 - $4,503 $942


(Bedrooms)

Sample

SizeMedian

0 12 $286 - $842 ****1 65 $510 - $1,510 $7892 97 $742 - $1,770 $1,0013 45 $1,000 - $1,853 $1,273

4+ 7 $987 - $1,696 ****All 226 $286 - $1,853 $962

BELKNAP COUNTY

CARROLL COUNTY

Rent Range

Rent Range

$521 $534$563

$533$563 $580 $578

$619

$628$704 $737

$786 $801

$856 $867

$927$929

$947 $958$975

$1,005$997

$400

$500

$600

$700$800

$900

$1,000

$1,100

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Median Month ly Gross Rent* for Two-Bedroom Units

* Includes Utilities

$532 $528$562 $575

$612$584 $590

$615

$703 $693$729

$811 $800

$883$845

$935 $903$890

$940$964$964

$1,001

$400

$500

$600

$700

$800

$900

$1,000

$1,100

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Median Monthly Gross Rent* for Two-Bedroom Units


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(Bedrooms)

Sample

SizeMedian

0 57 $506 - $962 $7251 266 $500 - $1,697 $8442 425 $599 - $1,674 $1,0443 96 $897 - $1,910 $1,323

4+ 21 $1,200 - $2,400 $1,677All 865 $500 - $2,400 $1,000

2014 Gross Rent (Inc ludes Utilities)Unit Size(Bedrooms)

Sample

SizeMedian

0 5 $477 - $944 ****1 112 $410 - $1,245 $627

2 97 $453 - $1,231 $7103 34 $573 - $1,667 $823

4+ 4 $749 - $1,826 ****All 252 $410 - $1,826 $684

CHESHIRE COUNTY

COOS COUNTY

Rent Range

Rent Range

$640$660$628 $651 $650

$671$673

$684

$712

$740$789

$813

$923$960

$976$1,052

$1,027

$1,027

$1,036

$1,039

$1,039

$1,044

$500

$600

$700

$800$900

$1,000

$1,100

$1,200

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$398

$397$402

$429 $424$394

$419

$464 $453$459$477

$500

$549

$591$606

$639$680 $687 $665

$664$657

$710

$350

$400

$450

$500

$550

$600

$650

$700

$750

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(Bedrooms)

Sample

SizeMedian

0 54 $300 - $1,217 $7001 379 $498 - $1,515 $7772 428 $562 - $1,907 $1,0533 110 $700 - $2,532 $1,267

4+ 31 $700 - $2,336 $1,587All 1,002 $300 - $2,532 $930


(Bedrooms)

Sample

SizeMedian

0 298 $250 - $1,754 $6441 1,619 $352 - $1,777 $9132 2,723 $609 - $2,528 $1,1563 805 $582 - $2,348 $1,273

4+ 110 $647 - $4,017 $1,330All 5,555 $250 - $4,017 $1,073

GRAFTON COUNTY

HILLSBOROUGH COUNTY

Rent Range

Rent Range

$542$575

$518

$594

$541$529

$566

$634

$693 $694$733

$786$769$829

$855 $871$922

$934

$909

$1,022

$985

$1,053

$500

$600

$700

$800

$900

$1,000

$1,100

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$659 $665$637

$704 $724$759

$794$834

$940

$990

$1,007$1,036

$1,046$1,060

$1,058$1,082$1,077$1,089

$1,090

$1,139

$1,147

$1,156

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

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(Bedrooms)

Sample

SizeMedian

0 41 $494 - $1,000 $7391 462 $634 - $1,252 $8322 739 $603 - $1,862 $1,0123 156 $1,033 - $2,928 $1,373

4+ 55 $970 - $3,312 $1,833All 1,453 $494 - $3,312 $974


(Bedrooms)

Sample

SizeMedian

0 4 $494 - $806 ****1 57 $648 - $978 $8022 116 $612 - $1,493 $9573 28 $975 - $2,852 $1,314

4+ 5 $1,249 - $1,619 ****All 210 $494 - $2,852 $953

Rent Range

Rent Range

SULLIVAN COUNTY

STRAFFORD COUNTY

$543

$555$563

$594

$649

$674$686

$717$782

$830

$857

$902$899

$929

$956

$965

$961$971

$973$979

$981$1,012

$500

$600

$700

$800

$900

$1,000

$1,100

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$565$548

$599$576

$594$603

$604

$629

$693

$651

$689

$734$752

$794

$893$836

$897$905 $922

$914

$925$957

$500

$600

$700

$800

$900

$1,000

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(Bedrooms)

Sample

SizeRent Range Median

0 178 $349 - $1,754 $6291 760 $523 - $1,502 $842

2 1,323 $609 - $1,956 $1,099

3 470 $582 - $2,225 $1,168

4+ 75 $647 - $3,069 $1,305All 2,806 $349 - $3,069 $1,023

MANCHESTER, NH HMFA

$634

$650

$568

$664

$664

$712

$794

$799

$943

$1,003

$984

$1,036

$1,046

$1,041

$1,005

$1,026

$1,013

$1,034

$1,003

$1,085

$1,057

$1,099

$500

$600

$700

$800$900

$1,000

$1,100

$1,200

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(Bedrooms)

Sample


0 117 $250 - $975 $672

1 806 $567 - $1,513 $1,023

2 1,302 $663 - $2,528 $1,210

3 311 $800 - $2,348 $1,491

4+ 35 $1,087 - $4,017 $1,817All 2,571 $250 - $4,017 $1,137

NASHUA, NH HMFA

$727

$711

$677$718

$765

$794

$837

$874

$943

$974

$1,012

$1,042

$1,055

$1,091

$1,123

$1,124

$1,176

$1,182

$1,164

$1,179

$1,169

$1,210

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

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(Bedrooms)

Sample


0 85 $475 - $1,751 $7941 739 $500 - $2,128 $877

2 1,395 $603 - $2,460 $1,162

3 280 $929 - $2,928 $1,443

4+ 77 $970 - $3,312 $1,883

All 2,576 $475 - $3,312 $1,080

PORTSMOUTH-ROCHESTER, NH HMFA

$564$567$578

$629

$664

$683

$714

$746$818

$875

$899

$947

$976

$996

$1,039

$1,072

$1,055

$1,112

$1,113

$1,114

$1,114

$1,162

$500

$600

$700

$800$900

$1,000

$1,100

$1,200

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(Bedrooms)

Sample


0 36 $529 - $852 $7001 350 $600 - $1,395 $901

2 561 $603 - $1,662 $1,095

3 95 $850 - $1,871 $1,353

4+ 13 $1,056 - $2,367 ****

All 1,055 $529 - $2,367 $1,046

CITY OF CONCORD

$723

$647

$653

$704

$710

$759

$790

$830

$873

$896

$919$971

$999

$983

$1,055

$1,036

$1,044

$1,046

$1,042

$1,070

$1,068

$1,095

$500

$600

$700

$800$900

$1,000

$1,100

$1,200

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(Bedrooms)Sample


0 169 $349 - $1,754 $629

1 663 $523 - $1,502 $827

2 1,135 $609 - $1,953 $1,099

3 447 $582 - $1,848 $1,168

4+ 70 $647 - $2,171 $1,302

All 2,484 $349 - $2,171 $1,006

CITY OF MANCHESTER

$634

$650

$573

$656

$667

$717

$794

$794

$925

$999

$975

$1,036

$1,046

$1,041

$980

$983

$988

$1,012

$976

$1,084$1,041

$1,099

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

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(Bedrooms)

Sample

SizeMedian

0 92 $542 - $975 $6721 705 $567 - $1,513 $1,027

2 1,016 $712 - $2,528 $1,222

3 235 $800 - $2,167 $1,461

4+ 25 $1,087 - $2,363 $1,505

All 2,073 $542 - $2,528 $1,132

CITY OF NASHUA

Rent Range

$733

$711

$683

$719

$765

$819

$852

$896

$977

$1,019

$1,024

$1,086

$1,056

$1,080

$1,088

$1,085

$1,088

$1,142$1,162

$1,225

$1,199

$1,222

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

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(Bedrooms)

Sample

SizeMedian

0 18 $729 - $1,344 ****

1 99 $500 - $2,128 $1,092

2 291 $1,000 - $2,460 $1,237

3 76 $929 - $2,266 $1,526

4+ 10 $1,828 - $2,627 ****

All 494 $500 - $2,627 $1,237

CITY OF PORTSMOUTH

Rent Range

$685

$700$632

$798

$859

$825

$878

$944

$993

$1,073

$1,071

$1,072

$1,078

$1,086

$1,184

$1,282

$1,293

$1,233

$1,241$1,276

$1,264

$1,237

$500

$700

$900

$1,100

$1,300

$1,500

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(Bedrooms)

Sample

SizeMedian

0 8 $564 - $794 ****1 80 $634 - $1,086 $833

2 172 $603 - $1,576 $1,020

3 46 $1,033 - $2,196 $1,345

4+ 12 $1,355 - $2,443 ****

All 318 $564 - $2,443 $1,000

Rent Range

CITY OF ROCHESTER

$584

$571

$591

$628

$643

$672

$693

$709

$771

$818

$837

$883

$926

$970

$982

$1,010

$972

$996

$990

$1,002$978

$1,020

$500

$600

$700

$800$900

$1,000

$1,100

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Area 2007 2008 2009 2010 2011 2012 2013 2014

Belknap County 3.2% 3.5% 6.8% 6.4% 8.9% 3.3% 7.5% 5.3%

Carroll County 4.9% 11.0% 7.8% 9.7% 11.3% 5.1% 3.1% 3.6%

Cheshire County 5.4% 3.5% 4.3% 7.4% 6.4% 7.1% 2.5% 3.7%

Coos County 12.1% 7.7% 6.3% 10.6% 15.2% 12.6% 9.5% 7.9%

Grafton County 3.1% 2.0% 6.8% 7.0% 7.6% 7.5% 3.0% 3.9%

Hil lsborough County 3.2% 4.6% 4.9% 3.8% 2.2% 2.2% 2.6% 2.1%

Merrimack County 3.9% 3.0% 5.6% 4.9% 4.8% 2.7% 3.3% 2.5%

Rockingham County 3.0% 3.1% 3.2% 3.0% 2.7% 3.2% 3.4% 2.1%

Strafford County 3.0% 2.4% 4.5% 5.7% 3.3% 3.6% 4.9% 2.1%

Sullivan County 3.5% 3.4% 5.9% 6.4% 5.7% 7.4% 7.3% 5.8%

New Hampshire 3.4% 3.7% 4.7% 4.4% 3.5% 3.2% 3.3% 2.5%

Vacancy Rate for 2-Bedroom Units

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Estimates of Affordability

*Note: Reports prior to 2011 calculated affordability based on 50% of median income. Thisanalysis uses the 2008-2012 American Community Surveys Median Income for RenterHouseholds by county.

Estimated 2014 Affordable % of 2-Bdrm Units

Renter Household Gross Rent in Survey Below

Area Median Income Based on Income Affordable Rent

Statewide $36,593 $915 14%

Belknap County $34,046 $851 6%

Carroll County $31,834 $796 7%

Cheshire County $32,737 $818 11%

Coos County $21,160 $529 7%

Grafton County $36,811 $920 31%

Hillsborough County $39,295 $982 20%

Merrimack County $32,368 $809 3%

Rockingham County $43,700 $1,093 27%

Strafford County $33,506 $838 2%Sullivan County $31,800 $795 9%

Percent of 2-Bedroom Units in the 2014 Rental Cost Survey

Affordable to the Median Income Renter Household*

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COMMUNITIES IN METROPOLITAN STATISTICAL AREAS

These HMFA (HUD Metropolitan Fair Market Rent Area) designations were established bythe U.S. Department of Housing and Urban Development as a result of informationgathered from the 2000 Census.

Manchester, NH HMFA

Bedford, Goffstown, Manchester, Weare

Nashua, NH HMFA

Amherst, Brookline, Greenville, Hollis, Hudson, Litchfield, Mason, Merrimack, Milford,Mont Vernon, Nashua, New Ipswich, Pelham, Wilton

Portsmouth-Rochester, NH HMFA

Barrington, Brentwood, Dover, Durham, E. Kingston, Epping, Exeter, Farmington,Greenland, Hampton, Hampton Falls, Kensington, Lee, Madbury, Middleton, Milton, NewCastle, New Durham, Newfields, Newington, Newmarket, North Hampton, Portsmouth,Rochester, Rollinsford, Rye, Somersworth, Strafford, Stratham

Median Household Income Percent of Est. 2014

2-Bedroom Required to Renter Household

Area Rent Support Rent Median Income

Statewide $1,108 $44,300 121%Belknap County $997 $39,900 117%

Carroll County $1,001 $40,000 126%

Cheshire County $1,044 $41,800 128%

Coos County $710 $28,400 134%

Grafton County $1,053 $42,100 114%

Hillsborough County $1,156 $46,200 118%

Merrimack County $1,079 $43,200 133%

Rockingham County $1,229 $49,200 113%

Strafford County $1,012 $40,500 121%

Sullivan County $957 $38,300 120%

Household Income Required to Afford 2014 Median 2-Bedroom Rent

2014 rent survey

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