Are rent prices going down in Portland area? (Lewiston, Auburn: real estate, apartments)

[GrittyMcDuffy]

With home prices stagnating and real estate looking more and more in bearish decline, can we expect maybe that apartment rental rates will go down in Portland and surrounding towns?

[Acadianlion]

Doubtful. Apartment rental rates will be driven by forces that are different than mortgage rates for homebuyers. Apartment rates will reflect the overall demand, ability of the market to pay whatever is being asked, and the availability of apartments generally in the area. If there are relatively few apartments then the price will remain where and what it is so long as there are tenants looking for places to live. The housing market in southern Maine may well have a contraction for a while, but that will be driven primarily by interest rates and the number of people trying to buy those houses. I would think that the housing contraction, if it continues, will have less effect here than on the more populous sections of the country. Here in Maine, we usually feel the recessions less than elsewhere, and we feel the boom times less strongly also.

[tkx7]

so much for a white christmas

[earlthepearl]

Rent prices in the Portland, ME area are a bit crazy.
I just spent some time looking, and have found.........
For dirty gross rents they want 1000 a month and you pay utilities.
I have been lucky to find a nice clean place in gorham.
1150 a month, and heat is included.
I pay electric, phone, internet/cable.
Maine is nuts........
Move to Florida!!!!

[bentron]

When I was looking for apartments in the Portland area, I was appalled at how expensive rents were in Portland for what you were getting. You'd be better off finding a city within 30 minutes and finding more reasonable rent. The Brunswick area isn't too bad, and it's a 20 minute commute most days. Even south of Portland is much more reasonable.

[tkx7]

Westbrook is very reasonable as well and is close to Portland

[Coaster]

I second the Westbrook suggestion, although it's rapidly being "discovered" as the Portland alternative. Also check out Saco and Biddeford. You'll find a wide range in terms of quality, so shop around, but if you're working in Portland it's a straight shot up the turnpike.

While I'm thinking of it, another slightly offbeat idea. About ten years ago real estate agents and city officials in Lewiston and Auburn began noticing an influx of Portland people drawn by the low house and apt. prices. The turnpike puts L-A with 45 minutes or less of Portland, and it's pretty much an all-weather road. The L-A area is still very reasonable compared to Portland prices. Again, a wide range of quality, but I consider the two cities underappreciated gems.