{"id":441,"date":"2015-10-19T16:44:59","date_gmt":"2015-10-19T20:44:59","guid":{"rendered":"http:\/\/www.hickokandboardman.com\/vermont-market-report\/?p=441"},"modified":"2018-07-24T10:24:48","modified_gmt":"2018-07-24T14:24:48","slug":"multi-family-investments","status":"publish","type":"post","link":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/2015\/10\/multi-family-investments\/","title":{"rendered":"Sales rise in Vermont multi-family and investment property"},"content":{"rendered":"\n\n\n\n\t\n\n\t\n\t
Multi-Family Averages<\/th><\/th><\/th><\/th>\n<\/tr>\n<\/thead>\n
Median Sale Price:<\/td>Units Sold:<\/td>Newly Listed:<\/td>Days on Market:<\/td>\n<\/tr>\n
$288,250 (-3.6%)<\/td>92 (+8.2%)<\/td>202 (-0.5%)<\/td>90<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

The market for Duplexes and three- and four-bedroom unit properties has grown this year, with sales rising 8.2 percent\u00a0<\/strong>in the first 9 months of 2015. However, our agents have noted that inventory is often an issue, especially when it comes\u00a0<\/strong>to properties that are both in good condition and in prime locations.<\/strong><\/p>\n

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With mortgage rates remaining low, some renters are considering purchasing a home rather than continuing to rent. We are seeing that refl ected in a higher percentage of fi rst-time purchasers in the market. This trend could push vacancy rates higher in the long term, according to Allen & Brooks.<\/p>\n

At the same time, local businesses such as Gardener\u2019s Supply and Turtle Fur are hiring, bringing new professionals to the region. Given that many of those professionals initially would rather rent than buy, that\u2019s keeping the rental market strong.<\/p>\n

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Inventory Remains Tight<\/h3>\n

With fewer multi-family properties entering the market in Burlington, investors are turning to neighboring towns such as Winooski, where properties have a lower price point and there may be more inventory. That has pushed the median sale price to a slightly lower level than a year earlier.<\/p>\n

Chittenden County’s Attractive Vacancy Rate<\/h3>\n

There has been some easing in the region\u2019s tight vacancy rate, although it remains below the national rate. The vacancy rate in Chittenden County now stands at 2.8%, above the long-term trend of about 1.4%, according to real estate consulting fi rm Allen & Brooks. The national vacancy rate is about 4.2%, by comparison.<\/p>\n

Rents Remain High<\/h3>\n

Because monthly rents have steadily increased in Chittenden County, that\u2019s proved attractive to investors. Across all apartment sizes, rents rose 2.3% last year, for instance. Still, the region\u2019s high rents are of increasing concern among policy makers and renters.<\/p>\n

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The market for Duplexes and three- and four-bedroom unit properties has grown this year, with sales rising 8.2 percent\u00a0in the first 9 months of 2015. However, our agents have noted that inventory is often an issue, especially when it comes\u00a0to properties that are both in good condition and in prime locations. With mortgage rates remaining … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"_links":{"self":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/441"}],"collection":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/comments?post=441"}],"version-history":[{"count":6,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/441\/revisions"}],"predecessor-version":[{"id":1533,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/441\/revisions\/1533"}],"wp:attachment":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/media?parent=441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/categories?post=441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/tags?post=441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}