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April 25, 2024

Hartford, Bridgeport metro areas rank among 25 most competitive rental markets

Forbes Advisor
By David Krechevsky

The Hartford and Bridgeport metro areas are among the 25 most competitive markets in America for renting a starter home, according to a new study by Forbes Advisor.

The study, released last week, analyzed data on the cost and availability of rentals in the 75 most-populated metropolitan areas nationwide and ranked each by eight scoring metrics.

The findings suggest that if you’re in the market to rent a starter home and live in one of the top 25 areas, prepare to compete for it.

The Virginia Beach-Norfolk-Newport News metropolitan area was found to be the most competitive rental market in the United States, with 85 available rentals per 100,000 households, compared to the study’s overall average of 240 per 100,000 households. 

The median rental price in that area rose $125 per month from the first quarter of 2023 to the first quarter of 2024, the fifth-highest increase in the country.

The New York-Newark-Jersey City metro area ranked as the second most competitive area, while the Worcester, Massachusetts, metro area ranked third, the Honolulu, Hawaii, metro area ranked fourth and the Milwaukee-Waukesha-West Allis, Wisconsin, metro area ranked fifth. 

Forbes Advisor also noted that 11 of the top 25 most competitive rental markets are on the East Coast. That includes the Hartford-West Hartford-East Hartford metro area, which ranked 14th. Forbes Advisor said the area has 67 available rentals per 100,000 households, and that median rental prices increased by $30 per month from the first quarter of 2023 to the first quarter of 2024.

The Bridgeport-Stamford-Norwalk metro area ranked 21st in the U.S., with 72 available rentals per 100,000 households and rental prices that rose $50 year over year.

The other Northeast metro areas that ranked in the top 25 include the Boston-Cambridge-Newton metro area, which ranked 12th, and the Rochester, New York metro area, which ranked 23rd.

California is the state with the most areas ranked among the 25 most competitive, with five.

The Baltimore-Columbia-Towson metro area was the least competitive rental market, Forbes Advisor said, adding that 12 of the 25 least competitive markets are in the South, including five in Florida.

Only one of the top 25 least competitive metro areas was located in the Northeast. The Albany-Schenectady-Troy metro area in New York ranked as the 12th least competitive.

For renters in the competitive areas, Forbes Advisors recommended they do their homework, get their finances in order and set realistic expectations.

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