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September 30, 2024

Cost of rent in Connecticut is far higher than national average

By Renata Daou, CT Mirror

Connecticut ranks eighth in the nation for the cost of rental housing, according to the latest Fair Market Rent estimates for 2024.

In 2024, an estimated $1,170 was enough to pay for 40% of all studio apartments available in Connecticut, according to fair market housing data from the U.S. Department of Housing and Urban Development. Fair Market Rents are estimates of the amount needed to cover rent for 40% of rental units in a town, offering a standard for assessing housing affordability. When FMRs go up, the amount of financial help available to households increases too. HUD also sets income limits for who can qualify for these programs.

By the same measure, about 40% of all one-bedroom units in Connecticut can be had for an average of about $1,360. The rate for two-bedroom apartments is about $1,695, three-bedroom units is about $2,100 and four-bedroom apartments exceed $2,500. 

As rents continue to climb, studio apartments have seen a 32.92% increase in price since 2021, while one-bedroom rents increased by 26.92%. Two-bedroom units saw a 27.68% hike, and three-bedroom apartments rose by 27.11%. The largest dollar increase was in four-bedroom rentals, which jumped by about $580, or 30.06%.

During the COVID-19 pandemic, rent growth slowed or dropped in many places, but in Connecticut, rents bounced back quickly. By the end of 2021, very few apartments were available, and rent prices rose fast. More people moved to the state, but fewer new apartments were built. Although rent increases slowed in 2022, there were still fewer available apartments. Cities like Hartford, New Haven, Norwich and Stamford all saw rents go up during this time.

In Connecticut in 2024, Fairfield County has the highest rent, with average prices for larger residences being up to 36% higher than in neighboring counties. Hartford and New Haven counties offer more affordable options, with rents generally 24% to 30% lower than Fairfield. Litchfield County, a more rural area, tends to have the lowest rents, with prices up to 35% lower than Fairfield County. Middlesex County falls in between, with rents about 17% to 29% lower. Overall, rent increases by about 25% to 36% for each additional bedroom.

New Canaan, Greenwich, Darien and Fairfield were listed at Apartments.com as the most expensive cities for rentals in Connecticut. Old Greenwich, a village within Greenwich, has an average rent of over $4,100 for an 800-square-foot apartment, followed by New Canaan and Greenwich at $3,620 and $3,250, respectively. Rents in Darien and Fairfield average around $3,000.

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