Market Stats

Burlington's Tight Rental Market

Photo Credit: ©Eve Event Photography LLC

As Burlington’s housing market tightens, renters are reporting extreme difficulty in finding suitable and affordable housing in the Burlington area.  Over the past decade, Chittenden County’s rental vacancy has hovered around 2%.  The figure rose to 2.6% during the pandemic but has plummeted to 1.1% in a recent survey conducted by Allen, Brooks, and Minor.  Landlords are reporting unusually high demand on their postings with one landlord reporting over 50 inquiries in a two week span on a single vacancy.

Vermont has seen a large increase of out of staters migrating which has squeezed the market even more.  Landlords are also facing pressure as a city wide reassessment on property values has increased property taxes.  These factors have ramped up the demand as well as the cost of living in Chittenden County.  

For more details check out the Vermont Digger Article, “Burlington’s tightening housing market has renters scrambling

** If you are interested in learning more about the Burlington Housing Market please give Steve a call at [802] 846-9575 or email us at

2020 Multi Family Review & 2021 Forecast

The demand for Chittenden County Multi Family remains strong despite the most tumultuous year in any of our lifetimes. The Burlington area rental property market is well-positioned to endure bumps in the road while maintaining a consistent and moderate upward trajectory. A close look at the key metrics offers optimism for both tenants and landlords alike.

The Chittenden County apartment market is experiencing the lowest apartment vacancy rate in the last 6 years according to Allen, Brooks & Minor (December 2020 = 1.1%). Government sponsored rental housing stabilization funding and a decrease in new construction coming on line are key contributing factors to the record-low vacancy rate. Anecdotally, we've also heard that student rental properties reported very few delinquencies even with the challenges that local universities are facing with in-person learning during a pandemic.

The decrease in new apartments was heavily influenced by a six-week shutdown of all non-essential new construction in Spring of 2020 and a limited supply of labor and materials. Growth is projected to rebound in 2021 with Burlington accounting for one-quarter of all new projected units in Chittenden County. New construction at Eric Farrell’s Cambrian Rise is expected to account for the majority of Burlington’s apartment growth in 2021- in the meantime, there is renewed optimism at the long delayed CityPlace Burlington project. The new proposal includes over 400 units of housing- but isn’t expected to contribute to growth figures until phase one is completed in 2023 (hopefully!). Nearly 25% of Chittenden County’s new apartment growth will be within existing buildings like hotels and office buildings that are being redeveloped. In Essex, apartment growth will be concentrated in three separate projects all in the Five Corners neighborhood whereas Winooski is projected to add additional units along the primary gateways, including East Allen and Main Street.

Demand from Multi Family investors fueled an increase in apartment sale prices, which similar to residential sales, was driven in part by historically low interest rates. The average sale price for 2020 was $552,952, up 16.3% from 2019. The average price per bedroom increased by 2.7% and the average price per square foot grew by 7.5%. Meanwhile, the annual rent inflation percentage has trended in the opposite direction from nearly 3% in 2015 to just over 1% in 2020. This data suggests that in 2020, landlords have been more focused on tenant retention and rent loss prevention versus increasing tenant rents to help offset the added operating expenses. Despite the increase in sale prices, Cap Rates remained relatively unchanged in large part due to flat rents and the average operating expense ratio growing from 30% to 33% over the past 6 years. Burlington Multi Family sales in 2020 saw an average sale price of $773,863 and a list to sale ratio of 96.6%. The average cap rate for sales in Burlington in 2020 was 6.77%.

As reported by numerous national publications, Burlington is consistently ranked as one of the top places in the United States to live. The Burlington region is now benefiting from a surge in remote workers migrating from major cities seeking a better quality of life coupled with an emerging hi-tech workforce- most notable at Russ Scully’s redeveloped 143,022 square foot HULA campus on Burlington’s waterfront. Despite the chaos of 2020, the Burlington area Multi Family market fundamentals are solid, and we continue to see strong investor confidence. 

Having helped hundreds of local clients build wealth through real estate investing, the Lipkin Audette Team understands that, as is the case with any investment, a successful investment strategy needs to be designed to fit an individual’s particular set of needs and goals. If you’d like to speak with our team about how to get started or what the current market value of your property / portfolio might be, give us a call anytime at [802] 846-9575 or email   

Burlington Welcomes Large Increase in Remote Workers

Over the past few years, Burlington has seen an increase in remote workers, especially from the IT industry. Many of these new Vermonters are moving from larger tech hub spots such as Seattle, San Francisco, and Los Angeles where the cost of housing has risen significantly. Recent reporting by NPR shows that Burlington VT is one of the top 5 cities in the country when it comes to an increase in migration to smaller cities from major metro areas during the COVID-19 pandemic.

Migration to Burlington from large cities was up 103% in the Spring of 2020 compared to that of 2019. This is in large part thanks to the increasing ability of IT workers ability to work remotely.  The number of remote information technology job postings is up 58% compared to the same period last year. 

To read more from NPR about the surge of remote workers moving to Burlington and other smaller cities click the link below:

Small Cities Are A Big Draw For Remote Workers During The Pandemic |

* Having helped countless clients relocate to Burlington and the surrounding towns, the Lipkin Audette Team understands the importance of finding the right home.  If you’d like to speak with our team on how to get started in relocating to Chittenden County give us a call anytime at [802] 846-9575 or email



Burlington Prices Rise while Inventory Slumps

“It’s just super stressful that there’s not anything out there to look at. If you say, ‘I want to be in this neighborhood’, then you might wait six months.” Nic Anderson explained to The Nest about the current Real Estate market in Chittenden County. Homes for sale have dropped more than 24% country wide in the last year. In Burlington, the number of single family homes for sale remains low but not far from last year with 41 single-family homes available in April compared to 43 that were available in April of 2016.  While inventory is low in Burlington, the average sale prices are rising high, 37% higher than last year to be exact. The median price was also up 35% from last year. Steve Lipkin stated, “Disparity between high demand and low supply is unusually severe right now, particularly for home buyers looking to spend $200,000-$400,000. “Under half a million [dollars] is as tight as I’ve seen it in the past 20 years.” The recession made people warier of taking on mortgages they couldn’t afford which has caused less buyers to be looking at huge houses with price tags over $1 million. For the luxury market, there are more listings than buyers and the homes that are on market are sitting for longer. Steve points out “buyers who are willing to drive a litter farther from Burlington can often find decent deals in Franklin County and can stay close to interstate 89 for commuting.” The average sale prices in Franklin County decreased almost 5% in the last year.  “You’ve got to think outside of the box in this market, if you’ve got a buyer.” Steve said, which is exactly what he did for his buyers Nic and Amy Anderson who were having trouble finding a home that suited their needs within their price range. There are about 2,000 new homes being proposed and built but most are to be rental properties not condos for sale. The new apartments will help keep renting affordable in the Queen City and hopefully can ease up the market for single family homes but it won’t be in the next year. If you’re hoping to move, you need a Realtor like Steve Lipkin, to think outside the box to get you into your dream home. As always, if you’re wondering about the current market or thinking about buying or selling, visit us at

The Nest- Full Article 

The Northwest Vermont Multi-Family Report from Coldwell Banker Hickok & Boardman Realty

Multi-family properties demonstrated a strong early 2012, with sold listings jumping 19% across Chittenden, Franklin and Grand Isle Counties from January through April. The region has traditionally shown strong interest from some investors, drawn by the areas growing professional class and student enrollment as well as low vacancy rates. Chittenden County captured the bulk of the multi-family transactions, with 89% of the regions 25 sales of properties such as duplexes and apartment buildings. Franklin County recorded 8% of multi-family sales, while Grand Isle recorded one such transaction. Addison County didnt record any multi-family home sales during the first four months of 2012. Its been a great start to the year, with well priced properties moving fast, notes Steve Lipkin, a Coldwell Banker Hickok & Boardman Realtor specializing in multi-family properties. Low rates and a lack of attractive alternatives for your investment dollars, as well as vacancy rates that are very low, are helping investors decide to be in real estate. Northwest Vermont is attracting investors who are seeking to diversify their holdings beyond traditional investments, while tapping into historic low mortgage rates. Within Chittenden Countys multi-family market, Coldwell Banker Hickok & Boardman Realty handled one-third of transactions, or more than the combined market share of the regions next two largest agencies handling multi-family sales, for the 12-month period ended April 2012. There are indications demand may continue to grow throughout 2012, as the number of pending listings in Chittenden County jumped 70% during the first four months. Pending listings are properties under contract that havent yet closed. Multi-family properties are selling for closer to asking price, and days on the market have dramatically dwindled during the first four months of 2012.  The average days to market a multi-family property during the period shrank to 64 days, compared with 211 days a year earlier. In Chittenden County, the median sale price jumped 7.5% to $285,000, while average days on market shrank to 63 from 199 in the  year-earlier period, indicating pent-up demand from investors, with well-priced and well maintained properties selling quickly. Burlington boasted the largest market share in Chittenden Countys multi-family market, with 13 of the countys 20 transactions. Home to University of Vermont and colleges such as Champlain College as well as a growing professional base, Burlingtons vacancy rate has hovered between 1% and 2%, below the first-quarter national average of 4.9%, which has fallen to the lowest rate in a decade. With lower-than-average vacancy rates, Northwest Vermont multi-family properties are receiving interest from out of state, as well as from within Vermont. As in Chittenden County, there are signs that Burlington multi-family sales may continue to strengthen this year.  Pending listings more than doubled from the year-earlier period, while average days on market dropped dramatically, to 66 days during the first four months of 2012, compared with 263 a year earlier. Well-priced and well-maintained multi-family properties have been in demand. With investors seeking value, the median sale price in Burlington slipped 5.9% to $315,088. Among Chittenden Countys other towns, Winooski recorded six multi-family transactions, double the number recorded last year. Average days on market shrank to 48 days from 164, while the median sale price declined 4.9% to $244,250.   To view the full article or read about other segments in the makert click here:  

Bad Housing Market???

If you have been watching the news, reading the paper or listening to the radio you have probably heard nothing but bad news about the real estate market.  Fortunately Real Estate is a local business and the Burlington Area Multi Family Market remains strong. Check out the Summer 2011 Northwest Vermont Report provided by Coldwell Banker Hickok & Boardman.  This report looked at the months of May through August and broke the report down by towns, areas and segments of the market. In the multi family sector the average sale price in Chittenden County for Multi Family properties increased 17% from $267,485 in 2010 to $314,017 between May and August in 2011.  The average days on market also decreased from 97 in 2010 to 78 days in 2011. Contact Us if you are considering buying or selling or if you would like to learn more about the local market.

3rd Quarter Multi Family Stats

Each Quarter we will try to update you on the market activity in Chittenden County for Multi Family Properties.  Below are some stats as well as Multi Family properties we have sold so far in 2011.

Current Active Listings: 58 New Listings in the Last 9 Months: 92 Sold Listings Past 9 Months: 46 Average List Price: $336,663 Average Sale Price: $318,335 Currently Pending Listings: 11 Of the 46 closed sales: two were 5 units, seven were 4 units, twelve were 3 units and 25 were duplexes. Of the 46 sales Steve Lipkin was on 14 of the sides, more than three times any other agent, either representing the purchaser or seller. If you are considering buying or selling a Burlington area Investment Property put Lipkin Investment Properties 12 plus years experience to work for you!

Year to Date Multi Family Stats

As we hit the midpoint for 2011, here are some year to date Multi Family Sales statistics for Chittenden County. Current Active Listings: 58 New Listings in the Last 6 Months: 62 Sold Listings Past 6 Months: 25 Average List Price: $354,048 Average Sale Price: $334,617 Currently Pending Listings: 9 Of the 25 closed sales: one was a 5 units, five were 4 units, nine were 3 units and ten were duplexes. Of the 25 sales Steve Lipkin was on 8 of the sides, representing the purchaser or seller. If you are considering buying or selling a Burlington area Investment Property put Lipkin Investment Properties 12 plus years experience to work for you!