{"id":797,"date":"2016-07-22T13:03:13","date_gmt":"2016-07-22T17:03:13","guid":{"rendered":"http:\/\/www.hickokandboardman.com\/vermont-market-report\/?p=797"},"modified":"2022-11-01T16:15:12","modified_gmt":"2022-11-01T20:15:12","slug":"multi-family-market-3","status":"publish","type":"post","link":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/2016\/07\/multi-family-market-3\/","title":{"rendered":"Low Vacancy Rate Continues to Drive Investment Property Sales"},"content":{"rendered":"
\"Vermont<\/a>
Well maintained Triplex in lovely Burlington neighborhood. MLS#4501015 | Many updates in this Duplex with three bedrooms on each side. Burlington. MLS#4497413<\/figcaption><\/figure>\n\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
$360,000 (+16.1%)<\/td>63 (21.1%)<\/td>113 (-9.6%)<\/td>79<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

The multi-family property market in Northwest Vermont continued to show robust trends in the first half of 2016, thanks to the region\u2019s low vacancy rate and growing professional population. The multi-family market is continuing to draw out-of-state, international, and local investors because of these trends, according to our Agents.\u00a0<\/strong><\/p>\n

Across the four counties, 63 multi-family properties changed hands during the first six months of the year, an increase of 21.1%. The median sales price rose 16.1% percent to $360,000. As with the residential market, tight inventory remains an issue for the market, with demand exceeding supply. Because of these dynamics, well-priced, well-located properties are selling quickly.<\/p>\n

Inventory remains especially tight in Burlington and Winooski, with the latter experiencing a surge in interest from renters because of its revitalized downtown area, which has brought new restaurants and shops to the former mill town.<\/p>\n

With demand from buyers remaining far ahead of supply, our Agents note that owners of multi-family properties may want to consider listing to take advantage of the market dynamics.<\/p>\n

The following are details about trends impacting the multi-family market:<\/p>\n

\"VT<\/a><\/p>\n

\n

\"Multi-Family<\/a>Tight Inventory in Winooski and Burlington<\/h3>\n

A lack of inventory continues to be an issue in both Winooski and Burlington. The number of newly listed properties slipped 36% in Winooski and more than 10% in Burlington.<\/p>\n

A Slightly Higher Vacancy Rate<\/h3>\n

The rental market\u2019s vacancy rate stood at 2.1% in Chittenden County in June, according to real estate consultancy Allen & Brooks. That\u2019s significantly higher than the rates seen in 2010-2014, when it averaged about 1.4%. While rents are stabilizing as a result, that hasn\u2019t impacted demand or pricing for multi-family properties as the region\u2019s vacancy rates are substantially lower than the roughly 4.5% national rate.<\/p>\n

New Apartment Construction<\/h3>\n

Builders are responding to demand, with more than 600 new apartment units slated to be built this year, according to Allen & Brooks. Although newly constructed units tend to have higher rents than properties in existing properties, the added inventory may stabilize rents across the region.<\/p>\n

Demand for rental housing is likely to remain strong, partly because median household incomes still haven\u2019t caught up with their 2008 peak. At the same time, single-family homes have appreciated in value, making them more expensive for first-time homebuyers. Younger buyers with student loans may end up in the rental market for more years than older generations because of their loan repayments. Allen & Brooks is also forecasting increasing demand from seniors for rental housing, as many decide to scale down and sell their single-family homes.<\/p>\n

.<\/p>\n","protected":false},"excerpt":{"rendered":"

The multi-family property market in Northwest Vermont continued to show robust trends in the first half of 2016, thanks to the region\u2019s low vacancy rate and growing professional population. The multi-family market is continuing to draw out-of-state, international, and local investors because of these trends, according to our Agents.\u00a0 Across the four counties, 63 multi-family … 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\/797"}],"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=797"}],"version-history":[{"count":5,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/797\/revisions"}],"predecessor-version":[{"id":3789,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/797\/revisions\/3789"}],"wp:attachment":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/media?parent=797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/categories?post=797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/tags?post=797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}