Simply put, there's insane demand and low supply. Manchester has a rental vacancy rate of around 0.5%, meaning that at any given time approximately 99.5% of apartments are occupied or being transitioned to a tenant. A healthy and balanced rental market is around 5% vacancy and we are significantly outside of that. Another factor is many people who were receiving hotel room assistance are about to lose it in a few days and they are frantically looking as well.

Most towns in the state have made it very challenging over the last few decades to build multi-family housing, leaving the few cities we have to bear the burden of housing everyone else. There are ~1,400 apartments and condos under construction or permitted at the moment within Manchester, but the pain will be felt for at least the next few years as people continue to move to New Hampshire for the lack of income tax, quality of life, and other factors.