Manchester, NH multifamily market
Good Afternoon, new to BP and real estate investing. Looking to buy a 3+ unit multi family in southern NH.
Do you think it's a good time to buy in that market?
Looks like we're headed toward a recession and prices are jacked up so I'd be interested in what people's thoughts are on all that.
Thanks,
Rory
Most Popular Reply
My company is well established in Manchester with over 800 units owned and managed. A recent NH Housing study found occupancy rates at 98% and that is in line with what we are experiencing. The value add deals are there, but not like in 2009. There is a lot of potential right now to purchase moderate to market priced buildings and invest in bring them to the next level. 20% to 30% rent increases with "luxury" upgrades are very possible. Neighborhood certainly matters with this model, but the result is higher rent, better tenants and reduced turnover and damage.
Bottom line is do not write Manchester off. This is our biggest city with the greatest potential for long term growth and opportunity. Happy to chat more about this one one one....