Rental market stabilizes after increases, still expensive
PORTLAND, Maine (AP) — An analysis says rent in Portland, Maine has levelled off after a dramatic rise in prices over five years.
The cooling market comes as voters consider a new referendum on the ballot next month that would limit rent increases and make it more difficult to evict tenants. The Portland Press Herald reports opponents of the measure say the current pricing is a reason to oppose the referendum, while proponents say renters still need protection from future rent increases.
The average advertised rent price for a two-bedroom apartment in Portland — including utilities — rose from $1,560 in September and October 2015 to $1,605 at the same time this year.
However, rent remains well above what is considered affordable for median income residents.
Information from: Portland Press Herald, http://www.pressherald.com