CONNCECTICUT: Rents in cities across Connecticut saw a monthly dip in rent, running counter to a year long trend. New Haven county rents have posted the steepest annual increases, with New Haven and Meriden seeing annual increases of 5% and 7% respectively. Connecticut’s overall annual rent increase for 2016 is only 1.3%.
October showed a different direction with rents making modest declines in Hartford, New Haven and Stamford as well as other cities across the state Only Danbury registered an increase in rents for October [1.35%].
Currently, median rents in New Haven stand at $1,080 for a one-bedroom apartment and $1,320 for a two-bedroom. Hartford is more affordable with only $820 and $1030 respectively.
Stamford remains the most expensive to rent among Connecticut cities with $1500 for a single bedroom and $1890 for a two bedroom.
New Haven and several of the cities have seen several months of modest declines but most of Connecticut have seen increases for the year. Danbury and Norwalk have both seen modest declines however.
According to Apartmentlist.com cities nationwide have seen rents grow more modestly, or in some cases, even decline. But most Connecticut cities are still more affordable than most large cities across the country.
Several Connecticut cities have rents above the national average of $1,160. Nationwide, rents have grown by 2.7% over the past year compared to the 5.3% increase in New Haven, 2.7% in Waterbury, .7% in Hartford and a 1% decline in rents for the year in Stamford.
In spite of Connecticut’s increases, renters will find more reasonable prices in the state’s cities than most large cities across the country. For example, San Francisco has a median 2BR rent of $3,070, which is more than twice the price in New Haven.
Data from Apartment list is skewed toward luxury apartments and information that is available from data on private listing sites, including but not exclusively apartmentlist.com. Apartment List says they are “committed to making our rent estimates the best and most accurate available. We start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.”
Article is from CT Real Estate and Construction
