Connecticut Local Rent Reports Rental Market

Connecticut Rent Report – March 2019

  • The national average rent reached $1,430 in February 2019, a year-over-year increase of 3.2%, according to data from Yardi Matrix.
  • New Britain, CT renters saw the highest annual rent increase in March, reaching $1,075 per month. 
  • Stamford apartments are the most expensive among the state’s largest cities, while apartments in Waterbury have the cheapest rents. 

The early beginning of the rental season saw rent prices increase by 3.2% over the year — the lowest annual growth we’ve seen in more than 6 months. Compared to last year’s figure, the March average national rent of $1,430/month is $44 higher. Month-over-month, however, we witnessed a 0.3% rise, or $4 more added to average rent prices. This is consistent to last spring’s growth levels, signaling the end of the sluggish winter season.

Renting in Connecticut’s large cities in March 2019

The average rent in Connecticut’s largest cities is generally higher than the national average rent. The fastest growing rents in March were in New Britain, where rental apartment prices increased by 4.7% over the year, 1% more per month. New Haven apartments saw the second highest annual increase, jumping by 4%, $6 more expensive than the same month last year. On the opposite side, rents in Norwalk have decreased by 2.4%.

Of the largest cities analyzed, Stamford apartments are the state’s most expensive for renters, with an average rent of $2,344, followed by apartments in Norwalk, where the average monthly rent is $2,288. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Waterbury, with an average apartment rent of $946.

Among the small cities in Connecticut, Groton shows a significant increase in rent over the year, of 7.1%, pushing prices up to $1,270.

Methodology

RENTCafe is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

To prepare the state rent report, we analyzed only cities with a rental stock of at least 2,000 apartments in 50+ unit buildings. To compile the national rent report, RENTCafe’s research team analyzed rent data across the 253 largest cities in the U.S., in large-scale apartment buildings with 50 or more units.

Rent data was provided by Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Rental rate coverage is for Market Rate properties only. Fully Affordable properties are not included in the Yardi Matrix rental surveys and are not reported in rental rate averages.

Fair use and redistribution

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About the author

Alexandra Ciuntu

With a background in microtraining and e-learning content writing, Alexandra is a creative writer for RENTCafé, who now enjoys writing about rental lifestyle and residential real estate market trends. You can get in touch with Alexandra via email.

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