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August 30, 2024 Deal Watch

Hartford metro area to lead CT, nation in new apartment construction over next 5 years

Contributed Dignitaries mark the grand opening of downtown Hartford’s The Pennant at North Crossing, one of Hartford's newest apartment complexes.
By Andrew Larson

The Hartford metro area is on track to add 6,642 apartment units between 2024 and 2028, up from 3,979 between 2019 and 2023 – an increase of 2,663 units or 66%, according to a report from RentCafe.

The increased growth ranks Hartford 20th in the nation among metros with the largest increases over the next five years.

Meantime, the Bridgeport region is expected to increase its number of apartment units by 14% over the next five years, and New Haven by 47%.

The U.S. is experiencing a surge in apartment construction with over 500,000 new units on track to open in 2024 by the end of December, according to RentCafe. 

Although Connecticut is expected to speed up its apartment construction over the next five years, its growth in 2024 was slower than in other areas. 

The Nutmeg State will add about 3,173 units in 2024 by the end of December – about half of Maryland’s total, according to RentCafe.

Most of the new units (1,155) added this year are in the Hartford metro area, and 990 units are in the New Haven metro area. The Bridgeport metro area is expected to add about 680 new units in 2024.

New York City tops the list for 2024, with an expected 32,935 new apartments.

Portland, Oregon is set to add the 20th highest number of apartment units in 2024 with a total of 7,499.

RentCafe created the rankings based on new apartment construction data across 369 U.S. metropolitan statistical areas. The study only included apartment data for buildings containing 50 or more units.

The data was provided by Yardi Matrix, a business development and asset management tool for brokers, which is a sister company of RentCafe.

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