New Hampshire rent prices for a typical apartment increased by 11.4% over the last year. Reports say the shortage of rental houses is one of the reasons for the continuous increase in rent prices.The U.S. Commerce Department states that the construction in New Hampshire has declined in the last year. The construction slowdown is one of the several reasons why the New Hampshire rent prices on average are increasing.
According to Cousineau, a report from the New Hampshire Housing published this July revealed that the average New Hampshire rent prices for a two-bedroom apartment have increased by 11.4% over the last year. To date, the average cost of the said apartment, along with utility expenses, is $1,764 per month. In addition, housing markets list fewer homes for sale compared to the previous years which makes the New Hampshire rent prices severely high.
Why New Hampshire Rent Prices Are Increasing
According to Dewitt, apart from the construction slowdown, another reason why the New Hampshire rent prices are increasing is because of the rising energy prices. In the past two years, energy prices have affected both the utilities and the rent itself paid by tenants. Reports say utility expenses increased up to 64% over the past year and the monthly average for a two-bedroom apartment is $315 per month.