Report: New Haven Area Is Tightest U.S. Rental Market

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Having trouble finding an apartment in the New Haven area?

Here’s why: for the third quarter in a row, the New Haven area has the lowest apartment vacancy rate among the 79 U.S. metro areas tracked by Reis, Inc., a real estate research firm.

New Haven apartment vacancy rate was 2.2 percent at the end of 2013, down 0.4 percentage point from a year ago. Average rent rose 2.5 percent to $1,154.

The Hartford area also ranked high on the list, coming in at number six. Hartford has a 2.8-percent vacancy, down 0.4 percentage point from a year ago. Average rent rose 1.8 percent to $1,013, in the same period, according to Reis.

Nationwide, vacancy was 4.1 percent in the last three months of 2013. Average rent was $1,083, up 0.8 percent.

“Demand for apartments remains strong four years after the recovery began, even as construction has been gradually increasing,” said Ryan Severino, senior economist at Reis. “Not even the seasonal weakness normally observed during the fourth quarters of calendar years had much, if any, impact on the market dynamics.”

The list also included Fairfield County area at number 61, with a 5-percent vacancy rate. Vacancy also rose by 0.4 percentage point compared with a year ago. Average rents rose one percent, to $1,856, up one percent from a year ago.

The top 10 tightest U.S. metro areas are:

1. New Haven: 2.2 percent

2. San Diego: 2.6 percent

3. San Jose: 2.7 percent

4. New York: 2.7 percent

5. Buffalo: 2.7 percent

6. Hartford: 2.8 percent

7. Minneapolis: 2.8 percent

8. Oakland-East Bay: 2.8 percent

9. Ventura County: 2.8 percent

10. Central New Jersey: 2.9 percent




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