The top rental markets in Maine are Portland and Millinocket.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Maine Rental Trends:
Maine is the northernmost state in New England with beautiful landscapes and great communities. Property investors won’t be disappointed in the strong numbers from cities in Maine. Here are some highlights from the top rental markets in the Pine Tree State.
Days on Market:
The city with the lowest days on market is Millinocket at 13 – under the national average which sits at 15 days; Portland has the highest number of days on market at 15.
The top two towns for the largest amount of leads per listing are above or around the national average sitting at 38. Here they are:
- Portland – 46 leads per listing
- Millinocket – 22 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Millinocket comes below that with the lowest average rent of $730 for a two-bedroom compared to the highest rent in Maine at $1,700 in Portland.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,000. Maine’s highest median sale price comes above that at $314,000 in Portland with its lowest median sale price at $65,000 in Millinocket.
Maine’s median income rings in at $45,300 – above the national average at $48,500.
Security Deposit Trends:
Security deposits have decreased in Maine’s cities between 2018 and 2019. With the largest being a decrease of -12.50% in Millinocket at $700, and the smallest decrease at -10.53% in Portland with the current average at around $1,700 – above the national average for security deposits which is $1,200.
All of Maine’s cities have a livability score of 66 or higher with the highest being Millinocket at 67!
Please visit here for our full methodology.
Whether you’ve found the best Maine investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.