The rental market in Waterville has shown interesting trends alongside the changes in homeownership. As homeownership rates increased, the percentage of renters decreased from 39% in 2013 to 34% in 2022. Average rent prices, however, displayed volatility. Starting at $1,172 in 2013, rents decreased to $1,064 by 2017 before rising again to $1,181 in 2022. This represents a modest 0.8% overall increase from 2013 to 2022, significantly lower than the growth in home prices. In recent years, Waterville's housing market has continued to show strong growth. The average home price reached $202,935 in 2023, a 12.3% increase from 2022, and further climbed to $228,315 in 2024, marking another 12.5% increase. These substantial price increases occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong demand and limited housing supply in the area. Looking ahead, based on current trends and economic indicators, Waterville's real estate market is expected to continue its growth trajectory. Projections suggest that average home prices may increase by approximately 8-10% annually, potentially reaching around $340,000 by 2029. The rental market is forecast to grow at a more moderate rate of 3-5% per year, with average rents possibly reaching $1,400 by 2029. In conclusion, Waterville has experienced significant growth in homeownership rates and average home prices over the past decade, particularly in recent years. Despite rising interest rates, the housing market has demonstrated resilience and continued appreciation. The rental market, while showing more modest price increases, has seen a declining share of the population. These trends suggest a robust local economy and increasing desirability of Waterville as a residential area, with expectations of continued growth in both the housing and rental markets in the coming years.