MEREDA Panel: A New Type of Rental Community Emerges in Portland
Article provided by Longfellow Communications on behalf of Reveler
In early 2025, John Laliberte, CEO of Reveler Development, spoke at the Maine Real Estate & Development Association’s (MEREDA’s) Forecast Conference and Member Showcase, joining the “Residential & Multifamily Outlook” panel.
There was consensus among the panel that with an 8.4% increase in the sales price for single family homes in Maine in 2024, demand continues to outpace the supply of homes. So, what creative approaches are developers taking to meet this enduring reality?
Laliberte’s presentation revealed an interesting new trend, the emergence of a new type of rental community in Portland. It’s one that caters to those with the financial means to buy a new home but who choose not to, either due to lack of supply or because they are drawn to renting a property that supports a “live, work, play lifestyle.”
In his presentation, Laliberte shared that Reveler Development saw strong rental growth in their portfolio in Greater Portland in 2024, averaging almost 5%. This was despite the fact that almost 700 new, market-rate apartments were delivered to Greater Portland throughout 2024, including about 600 new apartments downtown.
The surge in new housing was due to a slew of municipal approvals that had taken place in 2021 just before Portland implemented its restrictive “Inclusionary Zoning” ordinance that same year. The ordinance limits 25% of a project’s apartment units to workforce level rents, (80% AMI)—and has been a controversial policy.
“In 2024, the market proved its ability to absorb new deliveries in this range without creating softness,” said Laliberte. “All while the region continues to deal with a significant housing deficit and consistent population growth from regional and national inflow migration.”
He shared that, in contrast, Greater Portland averaged around 350 new, market-rate apartment deliveries annually from 2016-2023. Beginning in 2025 he believes we’ll begin moving towards total annual deliveries more consistent with historic totals in the 350-unit range. Meanwhile, the “State of Maine Housing Production Needs Study” produced by Maine State Housing Authority, suggests that 350 units is only a small fraction of the total housing needed to meet annual demand in Greater Portland.
With for-sale housing continuing to present challenges for buyers, and a momentary jump in for-rent inventory, how did apartment developers adapt to stand out in a crowd and attract a new audience? Laliberte highlighted Reveler’s approach during the panel.
In Portland, Reveler recently developed The Armature, Portland’s first-ever “lifestyle community.” Built on the site of an abandoned public works building in West Bayside, the mixed-use property features 171 residential units, including 20 workforce units. Renters have access to a wide range of luxury amenities unique to the market, such as a courtyard, pool, and sky lounge.
In Biddeford, Reveler has just welcomed the first residents to The Eddy, a modern apartment community with 250 residential units and an indoor-outdoor living ethos. The Levee meanwhile has loft-like apartments for rent, town houses for sale, and retail and dining space being leased at The Foundry.
As we look ahead to the rest of 2025, will this trend continue to play out?
“It will be interesting to see how the market adjusts this year,” said Laliberte. “There is of course a lot of volatility in the global economy. In Portland, we expect rent growth to be minimal in the higher-end segment relative to recent years, while lower/middle-end product will be less affected by last year’s glut of new apartments. Deliveries are likely to decrease in coming years, which should have a stabilizing effect on the top end of the market.”
“What we’re truly excited about,” he adds, “is seeing our vision for these ‘lifestyle communities’ coming to life.”