Portsmouth housing prices are continuing to soar
Union Leader Correspondent
February 05. 2018 8:03PM
PORTSMOUTH — Thinking of moving to Portsmouth for a new job?
The cheapest rental you can find in the city right now is $1,230 at The Pines on Robert Avenue, according to Zillow.com. The most expensive apartment on the market is a 2,500-square-foot, two-bedroom, two-bath unit on Dennett Street, which was listed Monday at $4,000 a month.
The lack of affordable housing affects workers and businesses, says Valerie Rochon, president of the Chamber Collaborative of Greater Portsmouth.
“We’re way past the point where we have identified there is a workforce crisis,” Rochon said Friday. “We need to focus on solutions.”
The future of affordable housing in Portsmouth will be the topic of discussion during a breakfast event Wednesday morning hosted by the chamber and sponsored by Bank of America and Merrill Lynch. Organizers say they hope the session raises community awareness of the lack of housing options for people employed in the local arts, service and hospitality industries.
“We miss diversity in housing options,” Rochon said.
With rental costs for apartments and land prices being so high, the city of Portsmouth needs to create diverse housing in gateway areas, Rochon said. Recent plans created by architects to solve the affordable housing shortage are very encouraging, she said.
“Some of them were fantastic. They had some really good ideas,” Rochon said.
In its 2017-2020 strategic plan, the Portsmouth Housing Authority set a primary goal of growing and preserving the number of affordable rental units in the city to meet demand. In the next few weeks, it is expected a new workforce housing development in the city will be unveiled.
Rising rental prices are being felt in cities and towns throughout the state. According to data from New Hampshire Housing, the median gross rent for a two-bedroom unit was $1,259 in 2017. The median gross rent for a two-bedroom unit in 2007 was $1,029.
In November, research from the Carsey School of Public Policy at the University of New Hampshire found that rural areas of the state and region have challenges with affordable and adequate housing for local working families as well.
The research determined that, in New England, 29 percent of rural housing units are vacant, but three-quarters of them are designated for seasonal, recreational or occasional use. Just 3.5 percent are available for rent, researchers said.
Rochon said the discussion about diverse options for housing is part of a much broader issue for chamber members. A lack of public transportation, affordable child care, family medical leave, student loan debt relief and skilled workforce members affect potential employees and employers looking to fill job vacancies on the Seacoast.
Wednesday’s event starts at 7:30 a.m. at Sheraton Portsmouth Harborside Hotel on Market Street.
For more information, contact Ben VanCamp, the chamber’s vice president of membership and development at ben@portsmouthchamber.org.
