Vol.42, No.05
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W E E K O F M O N D A Y, F E B R U A R Y 3 , 2 0 2 0
THE REGISTRY REVIEW NEW HAMPSHIRE’S STATEWIDE REAL ESTATE & FINANCIAL NEWSPAPER A Publication of The Warren Group
WEEKLY SALES OF NOTE
RENT HIKES
Hudson 22 FLAGSTONE DR. . . . . . . . . . . . . . . . . . . . . . . . . . . $2,800,000 B: Michael James LLC S: Spraying Systems Co Mtg: East Boston Svgs Bk $1,667,850 Use: Industrial Warehouse, Lot: 122839sf
Concord
As Demand Rises, So Do Rents High-End Construction Draws Investors, Pinches Middle-Class Renters BY JAMES SANNA
279 PLEASANT ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,712,400 B: Capital Region Health Care Dev Corp S: 279 Pleasant Street LLC
REGISTRY REVIEW STAFF
I
n New Hampshire and across the country, middle-class renters are being squeezed by changes in the state’s rental housing market, according to a new report from Harvard Uni-
Hanover 147 THREE MILE RD. . . . . . . . . . . . . . . . . . . . . . . . . . $1,548,533 B: Richard L Rothstein Tr, Tr for Richard L Rothstein RET S: Elizabeth R Mayor Tr, Tr for Elizabeth R Mayor LT Mtg: Title Mtg Solution $1,238,800 Use: 3 Bdrm Contemporary, Lot: 914760sf
North Hampton 25 COTTON FARM LN. . . . . . . . . . . . . . . . . . . . . . . . . $1,278,000 B: Jonathan W Fisher & Kristin H Coorssen S: Jamie M James Tr, Tr for James-Mauritz T Mtg: Quicken Loan Inc $894,600 Use: 5 Bdrm Colonial, Lot: 87120sf
Peterboro 39 GROVE ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,075,000 B: Cara Hills LLC S: Fairbanks Realty Corp Mtg: NBT Bank NA $860,000 Use: Apartment Bldg - 4-8 Units, Lot: 54450sf
Hollis 167 FEDERAL HILL RD . . . . . . . . . . . . . . . . . . . . . . . . . . $999,000 B: Michael Coulombe & Beth Coulombe S: Debra Ladner Tr, Tr for Debra Ladner RET Mtg: Enterprise Bk & Tr Co $750,000 Use: 3 Bdrm Contemporary, Lot: 181645sf
New Durham 180 PINE POINT RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $966,000 B: Beverly Grappone Tr, Tr for Beverly D Grappone T S: Calvin T Cramer Tr, Tr for Cramer 2014 FT
Lincoln 27 FOREST DR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $830,000 B: Richard H Rothman & Jennifer S Rothman S: Edward A Kobelski & Peggy A Kobelski Mtg: Quicken Loan Inc $510,400 Use: 3 Bdrm Contemporary, Lot: 33541sf
Hooksett HOOKSET RD L:1-4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . $800,000 B: Cariman 44 LLC S: Manchester Sand Gravel & Cement Co Inc
versity. The study by the Joint Center for Housing Studies found 40 percent of Granite State households earning between $30,000 and $45,000 per year now paying more than 30 percent of their pretax income in rent, the maximum generally considered affordable. Twenty-three percent of the state’s renters making between $45,000 and $75,000 find themselves in the same boat. At the same time, only 2.5 percent of households making more than $75,000 share the predicament. Statewide, while the overall share of renters in this category went down slightly since 2008, the share of renters paying over half their income for housing increased, from 19 percent to 23 percent. “Despite the strong economy, the number and share of renters burdened by housing costs rose last year after a couple of years of modest improvement,” the center’s managing director Chris Herbert said in a statement. “And while the poorest households are most likely to face this challenge, renters earning decent incomes have driven this recent deterioration in affordability.”
The crunch is worst in and around Keene and Laconia, where the report found 52 percent of the Keene area’s 10,000-plus renters and 51 percent of Laconia’s 6,000-some renters are paying over 30 percent of their income in rent. In Manchester and Nashua, where the median renter income is $41,050 and median rent is $1,132, 49 percent of the area’s roughly 55,000 renters are paying unaffordable rents.
New Supply Focused on High End With higher-income households accounting for much of the growth in rental demand since 2010, new supply has been concentrated at the
upper end of the market, the report found. Meanwhile, rising demand and constricted supply have reduced the stock of low- and moderate-cost rental units, leaving modestincome renters caught in the middle. Like much of the country, investors and tenants alike have flocked to rental housing. New Hampshire gained around 15,000 renter households between 2008 and 2018, an 11 percent increase. About 155,000 families, or 29 percent, out of the state’s 531,212 now rent. That’s up from 26 percent of the state’s households in 2008.
New Hampshire Market Statistics
Hampton 4,800 4800
8000 7000
T
Both
4,000 4000
INDEX
6000 5000 4000
Refinance Purchase
3,200 3200
3000 REAL ESTATE RECORDS 2000
1000 TRANSACTIONS THRU Dec. Jan. Feb. MarchApril May June July
3 Belknap �������������������������� 01/21/20 3 Carroll ���������������������������� 01/21/20 4 Cheshire ������������������������ 01/21/20 4 Coos �������������������������������� 01/21/20 4 Grafton ���������������������������� 01/21/20 5 Hillsborough ������������������ 01/21/20 6 Merrimack ���������������������� 01/21/20 7 Rockingham ������������������ 01/21/20 8 Strafford ������������������������ 01/21/20 9 Sullivan �������������������������� 01/21/20 9 Bankruptcies 9 Lien & Attachments 10 Foreclosure, Mortgagee & Other Lien Auctions 10 Requests for Bids & Proposals
2,400 2400
Aug. Sept. Oct. Nov. Dec.
1,600 1600 800 800
00
Dec. Jan. Jan. Feb. Feb. Mar. Apr. May May June June July Jul. Aug. Aug. Sept. Sept. Oct. Oct. Nov. Nov. Dec. Dec. Dec. Mar. Apr. ’18
’19
4000 4,000 6000
BothMonth
Both
5000
3200 3,200
Purchase
3000 2000
Refinance
Both
Jan. 15
Jan. 16
Jan. 17
Jan. 18
Jan. 19
1600 1,600 800 800
00
Refinance
Dec. 2015
986
1,970
2,956
Dec. 2016
1,103
2,566
3,669
Dec. 2017
1,102
1,871
2,973
Dec. 2018
985
1,533
2,518
Dec. 2019
1,082
2,732
3,814
Purchase
1000
2400 2,400 0
Purchase
Refinance
4000
Dec. 15 Dec.
Dec. Dec.16
’15
’16
Dec. Dec.17
’17
Dec. Dec.18
Dec. Dec.19
’18
’19
Continued on Page 12
TO OUR READERS
Number of Mortgages for Single-Family Homes
761-763 OCEAN BLVD. . . . . . . . . . . . . . . . . . . . . . . . . . . $770,000 B: MJC Bravery LLC S: Kevin M Sheehan Tr, Tr for Raymond F Sheehan IRT Mtg: Lima One Capital LLC $768,825 Use: Residential-multiple Bldgs, Lot: 5227sf
PG COUNTY
Despite the surge in multifamily construction in many parts of the state, rents have increased to the point that almost one in two middle-class renters are paying unaffordably high rent.
❑ Statistics based on single-family home sales ❑ Source: The Warren Group
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he Registry Review is online! After more than 40 years as a printed newspaper, all of the real estate information you rely on is now available at Both www.theregistryreview.com. (There are no plans to cease publication of the Refinance newspaper.) All current subscribers Purchase have complimentary access to the website. When you first visit the site, please click the “forgot password” button to set up your account. If you have any problems please call or email customer service at 617-896-5388 or customerservice@thewarrengroup.com. If you have any feedback or would like to contribute content, please email editorial@ thewarrengroup.com. Sincerely, Cassidy Norton Associate Publisher The Warren Group