January 20, 2017
Rents are rising in New Haven, CT and Fairfield County. But, even with thousands of new apartments opening, rent has only increased slightly and is still very low.
The vacancy rate will tick up 10 basis points to 3.3% this year, according to the research team at Marcus & Millichap, led by John Chang, first vice president. “Property owners will exert pricing power, resulting in an increase in the average effective rent of 4.2 percent to $1,633 per month,” according to M&M.
Developers finished nearly 2,000 new apartment units in 2016. That’s up from 1,700 last year. More than 3,500 units remain under construction in New Haven and Fairfield County, and are slated for completion through the first quarter of 2019.
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