After a shaky end to 2025 for multifamily in New Hampshire and the I-93 Corridor region, there is one positive going into this year that can reshape the fundamentals: Supply is slowing down.
A market report from Colliers shows that deliveries fell to 527 units in the fourth quarter, down notably from the 708 posted a year ago. Also, construction fell to 2,938 units compared to the 4,933 units posted at the end of 2024.
"With the development pipeline now contracting sharply, both markets appear positioned for improved supply-demand balance heading into 2026," Colliers predicts.
Still, many of the trends were not favorable in the fourth quarter of 2025. For example, occupancy dropped by 130 basis points year-over-year to 94.4 percent. Colliers admitted that the 4,000 total units that were delivered in 2025, a 60 percent surge annually, put pressure on vacancy.
Also, absorption, while still positive, softened to just 261 units compared with 380 at the end of 2024.
However, there were some other positives. Between New Hampshire and the I-93 Corridor, sales activity went from hitting a record high of $2.59 billion in 2024, down to $1.38 billion in 2025. That may seem abysmal at first glance — but New Hampshire stood out in the region when you separate the state's performance from the rest.
"Compared to 2023, 2025 activity remained strong, suggesting 2024 was a peak year rather than the new normal," Colliers said.
"NH went against this trend with sales volume increasing 9% year-over-year, led by Nashua, which nearly tripled its activity. Transactions remained balanced between local and national buyers, with recent deals focused on suburban markets."
Moreover, rents increased to $2,231 per month, from $2,212.
In addition to the supply and demand trends improving this year, Colliers expects rent growth in 2026 and occupancy to improve not only this year but a strong performance in 2027 and 2028 as well. However, it does expect sales volume to "ease somewhat."
One trend that Colliers noted to watch in New Hampshire is the potential passage of a November 2026 ballot initiative that would cap yearly rent increases "at the lower of CPI or 5%." If this succeeds, it could lead to investors turning to older buildings "where rent growth on turnover is critical to returns," the brokerage said.
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