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September 30, 2022

Hartford named one of the most affordable cities for multifamily investment

Photo | HBJ File Downtown Hartford's skyline.

Hartford has been named one of the seven most affordable cities for multifamily investing by Crexi, an online commercial real estate marketplace, as the rental market experiences a surge in demand and rising prices.

The national average rent increased by $15 in April, taking the national average up to $1,659. Rents are expected to continue increasing this year, as the imbalance between supply and demand for multifamily units persists.

In Hartford, the price of rent grew 8% over the past year, and the vacancy rate stands at 2.5%, according to Crexi. The capitalization rate averages 7.9%, the group said.

Hartford saw $97 million in deals in the first half of 2022, with a median transaction price of $284,000, Crexi said.

The city has 55,205 housing units and a population of 122,549. It has experienced 10-year population growth of 0.56%, year-over-year job growth of 1.05% and an unemployment rate of 3.9%.

Seventy-five percent of the city’s dwellings are renter-occupied. The average asking rental price is $1,443.

Other cities that made the list are Albuquerque, N.M.; Tacoma, Washington; Birmingham, Alabama; Oklahoma City; Providence, R.I. and Buffalo, N.Y. Click here for the full report.

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