Best places to buy rental properties in Maine

January 31, 2022
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Investing in Maine

Maine is a great state to invest in rental properties. The state has a very low crime rate and is home to world class education from a number of colleges and universities. The Nophin team crunched the numbers and found the five best places to invest in Maine rental properties.

Statewide vacancy rates

ME Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Portland, ME

Portland is home to America's 20th largest fishing port. It's well known for lobster fishing and craft beer.

  • Population: 68,408
  • Median household income: $61,695
  • Median 1-bedroom monthly rent: $1,470
  • Median listing home price: $475,000

Lewiston, ME

Lewiston is a good place to consider investing in as it has access to high quality healthcare (via Agency for Healthcare Research & Quality) and low cost of living.

  • Population: 37,121
  • Median household income: $42,969
  • Median 1-bedroom monthly rent: $920
  • Median listing home price: $250,000

Bangor, ME

Bangor is an important city for timber and shipbuilding. A Paul Bunyan statue towers in the center of the city.

  • Population: 31,753
  • Median household income: $47,538
  • Median 1-bedroom monthly rent: $925
  • Median listing home price: $235,000

Augusta, ME

Augusta is Maine's capital city located in central Maine along the Kennebec River.

  • Population: 18,899
  • Median household income: $38,842
  • Median 1-bedroom monthly rent: $900
  • Median listing home price: $249,500

Waterville, ME

Waterville, colloquially known as Elm City for its elm trees, is home to schools like Colby College and Thomas College.

  • Population: 15,828
  • Median household income: $39,722
  • Median 1-bedroom monthly rent: $913
  • Median listing home price: $205,000

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To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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