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Apartment Rents Rise In Hartford Area


July 07, 2010

If you're looking for an apartment in the Hartford area, you might have to dig a little deeper for the monthly rent, according to a survey released Wednesday.

Between April and June, the average rent for an apartment in Hartford jumped by $81 a month, or 9 percent, to $1,002, from $921 in the first three months of the year, according to Rentjungle.com, an apartment search engine and research firm.

The increase in the Hartford area is more than triple the 2.5 percent rise recorded nationally.

Rentjungle.com has been tracking apartment rents in the Hartford area for a year and ecorded two straight quarters of average rent declines through March. The quarterly declines were compared with the previous three months. The website defines the Hartford area as within 10 miles of the center of the state's capital city.

The largest average rent increases in the Hartford area were for three-bedroom apartments, which jumped $125, or 12 percent, to $1,187. Average rents for one- and two-bedroom apartments each rose 8 percent, according to Rentjungle.com.

"The Hartford market looks like it has turned the corner," Jon Pastor, Rentjungle.com's chief executive, said.

Besides Hartford, Wednesday's report included 11 other towns and cities, most of which also had rent increases.

Eight Ansonia, Derby, Meriden, Middletown, New Britain, New Haven, Shelton and West Haven had increases ranging from 1 percent to 9 percent, compared with the previous three months. Bristol was flat while Naugatuck and Waterbury still saw declines. The area survey stretched out 10 miles from each city center.

Earlier this year, apartment managers reported that landlords were offering fewer concessions to attract tenants. And the increases in average rents reported Wednesday are a sign that the soft market for apartments may be strengthening.

While apartment seekers may groan at having to pay higher rent, rising rents signal confidence in an improving economy in which landlords believe they can get higher rents as the economy creates more jobs and the pool of potential tenants grows.

Rentjungle.com's rents are based on a survey of 3,000 advertisements per month in the Hartford area.

Reprinted with permission of the Hartford Courant. To view other stories on this topic, search the Hartford Courant Archives at http://www.courant.com/archives.
| Last update: September 25, 2012 |
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