About Waterville
A Growing College Town With an Industrial Backbone
Waterville’s rental market is being shaped by more than just housing supply and demand—it’s tightly connected to the city’s ongoing economic transformation. Anchored by Colby College, Thomas College, Maine General Health, and Huhtamaki, along with a diverse mix of local businesses and a vibrant downtown community, Waterville balances both educational and industrial strengths.
A recent study found that Colby College’s operations, vendor spending, capital investments, and student & visitor activity generated $2.52 billion in economic output across Maine from 2019–2024—with about $1.33 billion directly in the greater Waterville area. This sustained investment drives housing demand, attracts new residents, and supports small business growth throughout the city.
Waterville is increasingly recognized as the growth engine for Central Maine, serving not only its own population but also the broader micropolitan area—including Winslow, Fairfield, and Oakland. As a regional hub for education, healthcare, culture, and retail, it draws people who work, shop, and study here even if they live elsewhere.
For the rental market, this momentum translates into rising property values, stronger investor interest, and a growing appetite for modern housing. Tenants are showing increased demand for updated units with quality finishes and amenities, particularly in and around downtown. At the same time, affordability remains a key issue, ensuring continued attention on balanced growth.
Rental Demand By the Numbers
We are proud to say that we are nearly full for the winter with an occupancy of 94.4%. As is typical for September the housing market in Waterville is cooling with most of the college turnover completed folks are settling in for the winter. We are seeing rent trending down 50.00 from last month as folks offer incentives to fill before the winter season. If you are in a pinch to fill we recommend including utilities or offering some steep discounts
94.41%
SMC Managed Occupancy
26 (cool)
Rental Demand Index (0-100)
$1,250
Average Rent
34
Days On Market
Market Overview
Waterville is adding new housing units and tends to be viewed as investor friendly. Value is still created by purchasing underperforming assets, renovating them and bringing them to market.
8.85%
Average Cap Rate
200
New Units to be constructed in the next two years
↑ 3.2%
Two Year Population growth (2022-2024)
$68,813
Median Household income
Rent Potential By Bedroom Count
Rent assumes units are pristine and updated, this is the market potential for an apartment in Waterville rented in mid spring to early summer (*Rents very by condition of unit and this is in no form a guarantee of rent*)
$1,250
1 Bedroom Apartment
$1,500
2 Bedroom Apartment
$1,800
3 Bedroom Apartment
$2,500
3/1 Single family home
Waterville, ME — Multifamily Sales (Last 6 Months)
Assumptions: Avg rent = $1,250/unit/month. Expense ratio = 45% of EGI. NOI = Revenue − Expenses. Cap Rate = NOI ÷ Sale Price.
| Address (linked to source) | Units | Sale Price | Price / Unit | Revenue | Expenses | NOI | Cap Rate |
|---|---|---|---|---|---|---|---|
| 172 College Ave | 8 | $525,000 | $65,625 | $120,000 | $54,000 | $66,000 | 12.57% |
| 276 Main St | 8 | $525,000 | $65,625 | $120,000 | $54,000 | $66,000 | 12.57% |
| 12 West St | 3 | $340,000 | $113,333 | $45,000 | $20,250 | $24,750 | 7.28% |
| 13 Winter St | 3 | $265,000 | $88,333 | $45,000 | $20,250 | $24,750 | 9.34% |
| 27 Boutelle Ave | 2 | $169,900 | $84,950 | $30,000 | $13,500 | $16,500 | 9.71% |
| 20 Preston St | 2 | $357,000 | $178,500 | $30,000 | $13,500 | $16,500 | 4.62% |
| 173 Water St | 2 | $179,996 | $89,998 | $30,000 | $13,500 | $16,500 | 9.17% |
| 135 College Ave | 2 | $282,500 | $141,250 | $30,000 | $13,500 | $16,500 | 5.84% |
| 3 Union St | 2 | $266,000 | $133,000 | $30,000 | $13,500 | $16,500 | 6.20% |
| 11 Gray St | 2 | $130,000 | $65,000 | $30,000 | $13,500 | $16,500 | 12.69% |
| 39 King St | 3 | $191,500 | $63,833 | $45,000 | $20,250 | $24,750 | 12.92% |
| 136 Western Ave | 2 | $189,000 | $94,500 | $30,000 | $13,500 | $16,500 | 8.73% |
| 11 Center St | 3 | $310,000 | $103,333 | $45,000 | $20,250 | $24,750 | 7.98% |
| 12 Sherwin St | 2 | $207,000 | $103,500 | $30,000 | $13,500 | $16,500 | 7.97% |
Notes: Address text links to the public record (Redfin/MLS). Replace any placeholders with the correct URLs.
