Invest In Apartment Buildings In Haverhill, MA

What Drives Rental Demand In Haverhill

Haverhill's apartment demand starts with its 9,879 renter households, 37.2% of all occupied homes in the city (U.S. Census ACS 2020–2024). Renter households dropped 5.1% between the 2015–2019 and 2020–2024 surveys. We treat that as a caution flag and look closely at occupancy in any building we consider here.

Median household income in Haverhill, MA is $88,326, up 27.2% over five years. Resident employment rose 2.9% and the unemployment rate was 5.7% in the latest survey. Rent has risen faster than income (38.1% versus 27.2%), so more tenants are stretched. Well-run older buildings that rent below new construction tend to hold up best in that setting.

Renters are a large minority in Haverhill. Buildings close to employers and main roads usually see the steadiest demand.

Rents, Vacancy And Supply In Haverhill

Median gross rent in Haverhill, MA is $1,668 a month, up 38.1% from $1,208 in the 2015–2019 survey (U.S. Census ACS 2020–2024). That's fast growth. Part of it reflects the national rent run-up of 2021 and 2022, and some of it can fade when new buildings open nearby, so we don't project the same pace forward.

Rental vacancy is 2.8%, which is tight. Vacant units in Haverhill tend to lease quickly. Census vacancy estimates for smaller places carry wide margins of error, so we check them against current local listings. 60.2% of renters spend 30% or more of their income on housing. That limits how hard rents can be pushed, so renewals and retention matter more than big increases.

About 23.3% of homes in Haverhill are in buildings with 5 or more units, roughly 6,502 homes. That count rose 14.2% over five years, a sign of meaningful new apartment construction that newer buildings will compete with. The median home was built in 1964. Much of the stock is old enough that roofs, plumbing and electrical systems need a close look, and older buildings are where value-add renovation plans start.

How Haverhill Ranks For Apartment Investors

Among the 49 Massachusetts cities we track, Haverhill ranks 29th for median gross rent, 33rd for renter share and 17th for five-year rent growth. Its rents fall in the middle of the pack. Put in counts rather than percentages, that is roughly 4,165 more residents, 531 fewer renter households and 808 more homes in buildings with 5 or more units than five years earlier. With fewer renter households than before, a building has to win tenants from competitors rather than from new demand.

Haverhill And Nearby Markets Side By Side

Haverhill's median gross rent of $1,668 is below the Massachusetts median of $1,762, and its renter share is 37.2% compared with 37.5% statewide.

Rent Versus Income In Haverhill

The median rent in Haverhill works out to $20,016 a year, about 22.7% of the median household income of $88,326. Under the common 30% guideline, a household needs about $66,700 a year to cover that rent comfortably. That's a heavier load than the Massachusetts average of 20.3%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

Since the 2015–2019 survey, the median rent rose $460 a month ($5,520 a year), while median household income rose $18,887 a year. Rent has outpaced income, so we are careful about how much further a business plan pushes rents on renewal.

Haverhill Rental Market In Numbers

Here's the Haverhill rental market in short form, with the source on every figure.

• Haverhill, MA has 67,698 residents, up 6.6% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Haverhill, MA is $88,326, up 27.2% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Haverhill, MA is $1,668 a month, up 38.1% over five years (U.S. Census ACS 2020–2024).
• 37.2% of households in Haverhill, MA rent, about 9,879 renter households (U.S. Census ACS 2020–2024).
• 23.3% of homes in Haverhill, MA are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Haverhill, MA is 2.8%, and 60.2% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Haverhill, MA was built in 1964 (U.S. Census ACS 2020–2024).

What We Look For In A Haverhill Apartment Building

We look at buildings with 5 or more units in Haverhill, from small walk-ups to larger garden-style communities, in stabilized or value-add condition. We compare in-place rents with nearby buildings, inspect roofs, plumbing and HVAC, and ask whether better management or targeted renovation can close the gap with the market.

Property taxes are a big line item for any Massachusetts apartment building. We estimate the tax bill as it will be after the purchase, because a sale can trigger a reassessment in many places. Massachusetts has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Massachusetts reflect winter storm and frozen-pipe claims, so we get a quote before we make an offer.

Given how fast rents rose here, we assume much slower rent growth going forward and make sure the deal still works if rents stay flat for a while.

Due Diligence For Apartment Syndications In Haverhill

Whoever the sponsor is, these are the questions we would want answered about any apartment syndication in Haverhill, based on the local numbers above.

• What vacancy does the plan assume? Rental vacancy in Haverhill is 2.8%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 38.1% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• What capital work is budgeted? The median home in Haverhill was built in 1964, so roofs, plumbing and electrical systems deserve their own line items.
• How will the building compete with new supply? Homes in 5+ unit buildings in Haverhill rose 14.2% over five years, so newer properties are part of the competition.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Haverhill Apartment Syndication Works

Two groups make an apartment syndication work. The sponsor, or general partner, handles the deal: finding the building, financing it and running the business plan. The limited partners are passive investors who contribute capital and share in the property's results under the offering's terms.

It's a long-term commitment. The property has to be refinanced or sold before most capital comes back, and the outcome isn't certain. Eligibility rules vary by offering, and most are limited to accredited investors. See investing with Skyline Capital for how we work with limited partners.

Getting Started

The first step is the investor network. It's free, and it's how we share market notes and get to know investors. If we buy in Haverhill or elsewhere and you're eligible, we'll reach out privately with the details.