Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

January 22, 2021 Real Estate

Rent prices up in New Haven County

PHOTO | Pixabay.com
By Michelle Tuccitto Sullo

While rent prices in several major cities around the country have continued to decline, such was not the case in the New Haven area last month.

According to Realtor.com’s December rental report, New Haven County was second only to Sacramento, Ca., in leading the nation in rent increases.

The New Haven region saw average rent price gains of 13.3%, according to the report.

The median rent for a one bedroom apartment in the area was at $1,625 in December, while a two-bedroom apartment cost an average of $1,800. The prices have risen approximately 16% when compared with the same time a year ago, the report shows.

The price jump for studio apartments wasn’t as high. An average studio in New Haven County goes for $1,370, which was up 7.7% year-over-year.

In contrast, several major urban areas, such as Manhattan and San Francisco, have seen double-digit percentage declines, according to the report.

While New Haven area rent prices were on the upswing, they are still considerably less than Manhattan. 

For Manhattan, in December, the median studio apartment rent was $2,288, down 21% year-over-year; one-bedroom rent was $3,100, down 18.4%; and two-bedroom rent was $5,200, down 16.1%.

Danielle Hale, a chief economist with Realtor.com, noted the pandemic is having an impact on prices in some markets.

“With more flexibility and more time at home, renters have sought out extra space, driving up rents in the suburbs and less dense markets,” Hale said.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF