Connecticut Local Rent Reports Real Estate News

Connecticut Rent Report – January 2020

  • The average monthly rent in Bridgeport was $1,121 in January, $42 more than one year prior.
  • Stamford apartments are the most expensive in the state, renting for $2,393, while apartments in Waterbury have the cheapest rents, $950 per month. 
  • The national average rent in January 2020 was $1,463, up 3% compared to the same time last year according to data from Yardi Matrix data.

Renting the largest city in Connecticut

Apartments in Bridgeport rented for $1,121 on average in January. Rents in the largest Connecticut city saw a year-over-year increase of 3.9%, or $42, compared to this time last year and a month-over-month decrease of 0.8% ($9) compared to December.

Renting in Connecticut in January 2020

The average rent in Connecticut cities is generally lower than the national average rent. The fastest growing rents in January were in Norwich, where rental apartment prices increased by 1.0% month over month, or $11. Bridgeport and Norwalk apartments saw the second highest monthly increase, jumping by 0.8%, making them $9 and $18, respectively, more expensive than last month. In Rocky Hill, prices decreased by 0.4% ($5) since December.

Stamford apartments are the state’s most expensive for renters, with an average rent of $2,393, followed by apartments in Norwalk, where the average monthly rent is $2,352. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Waterbury, with an average apartment rent of $950, the only one under $1,000.

The January national average rent went up by 3% year-over-year

The average apartment rent reached $1,463 in January, up $43 since last year, according to apartment data from Yardi Matrix. Rents grew moderately into the new year, increasing by 3% year-over-year, the slowest pace we’ve seen in 18 months, as the seasonal winddown wears on through the winter.

Rents are likely to maintain an upward streak throughout 2020, as the number of renters continues to rise in the U.S. The demand for apartments is high, including among those renting by choice. 157% more Americans who earn over $150K per year began renting this past decade, shifting from homeownership to a more flexible and comfort-driven lifestyle.

To compare the rental market in Connecticut with other cities in the U.S., you can also check our national January rent report.

Methodology

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

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company 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. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.

Fair use and redistribution

We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to RENTCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.

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About the author

Sanziana Bona

Sanziana Bona is a creative writer and researcher for RENTCafé, with a strong passion for the dynamic real estate market, covering topics from lifestyle to market trends. She has a B.A. in International Relations and Spanish from Michigan State University, a LL.M. in International Business Law, Contracting and International Relations from Instituto Superior de Derecho y Economía. You can connect with Sanziana via email.

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