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Manchester New Construction Looks Set to Roll Into 2018

In walking around the Manchester neighborhood this Sunday, it looks like several new building projects are nearing completion before year end.

And new residential construction shows no sign of stopping headed into 2018. There are a mix of property types between duplexes, single family, and apartment buildings that are being built. With that having been said, the greatest share of the newly constructed buildings appear to be duplexes. All of the photographs below are to the West of Hull and between Commerce and Cowardin.

Both renovation and new construction appears muted to the East of Hull Street. That artificial line of demarcation at Hull Street for development will almost certainly be bridged in 2018. I suspect the bulk of the initial work will start with shell renovations into apartments and residential flips. New construction will likely wait until the existing housing stock improves, and because RRHA owns virtually all the blank parcels in the area thereby preventing development from accelerating. The only wrinkle that could cause renovations to stall is the Tax Reform Bill which will make federal historic tax credit renovations less attractive depending on what version of the final bill is signed into law.

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3 thoughts on “Manchester New Construction Looks Set to Roll Into 2018

  1. As past landlord in the area and current resident, I am curious how the tenant occupancy numbers look like in the area. I def see a lot of new and renovated buildings in the area(including mine), but is there a bubble in making?

    1. The vacancy rate is running at ~1-2%. It is staggering. There is far more demand there there are apartments at this point. Will that, change? Of course, it has to at some point. But the lack of building during the recession created an enormous housing shortage that has yet to be fully filled.

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