Connecticut Local Rent Reports

Connecticut Rent Report – April 2019

Connecticut_rent_report_April_RENTCafe
  • The national average rent reached $1,436 in April 2019, up by 3% ($42) year over year, and by 0.3% ($5) month over month, according to Yardi Matrix data.
  • New Haven, CT saw the highest annual rent increase in April, reaching $1,693 per month. 
  • Stamford apartments are the most expensive among the state’s largest cities, while apartments in Waterbury have the cheapest rents. 

Rents see a 3% annual increase in April, the lowest annual increase in 11 months

Nationally, average rent prices rose by 3% year-over-year, according to the latest Yardi Matrix data on apartment market trends. Rents averaged $1,436 this April — the second month in a row to witness a 0.3% m-o-m growth. Compared to last April, renters pay $42 more on average per month following relatively flat m-o-m rent increases during the off-season.

Renting in Connecticut’s large cities in April 2019

The average rent in Connecticut’s largest cities is generally higher than the national average rent. The fastest growing rents in April were in New Haven, where rental apartment prices increased by 4.2% over the year, 0.5% more per month. Middletown apartments saw the second highest annual increase, jumping by 3.8%, $45 more expensive than the same month last year. On the other hand, rents in Norwalk have decreased the most — 3.4%.

Of the largest cities analyzed, Stamford apartments are the state’s most expensive for renters, with an average rent of $2,366, followed by apartments in Norwalk, where the average monthly rent is $2,296. The cheapest city to rent an apartment in is Waterbury, with an average apartment rent of $942.

Among the small cities in Connecticut, Groton shows a significant increase in rent over the year, of 5.9%, the highest in its state, setting the average price at $1,268.

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

Marina Andresi

Marina is a marketing content developer for RENTCafé.com. She likes to research and write about real estate market trends and their impact on the nation's social scene. She also writes essays about significant films and TV shows. If you want to get in touch you can email her @ marina.rentcafe@yardi.com.

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