January 10, 2020
REAL ESTATE ROUNDUP
Residential rent prices on upswing in CT
PHOTOS | New Haven Biz
Residential real-estate rent prices are trending upward in Connecticut.
According to the website Apartment Lists, which publishes monthly reports on residential rental trends nationwide, rents have risen in seven of the largest 10 cities in Connecticut for which the website compiles data. The state as a whole posted aggregate rent growth of 1.1 percent over the past 12 months.
Of the ten metro areas tracked, Stamford has the most expensive residential rent prices — a median $1,941 monthly rent for a two-bedroom apartment. New Haven’s media monthly two-bedroom rent of $1,322 was the highest outside of Fairfield County.
Other New Haven County cities listed included Waterbury ($1,140 median monthly two-bedroom rent) and Meriden ($1,080).
New Haven's median two-bedroom rent of $1,322 is above the national average of $1,192. Nationwide, rents have grown by 1.4 percent over the past year compared to the 0.4-percent decline in metro New Haven.
Among major metro areas tracked by Apartment List, San Francisco posted the highest median monthly two-bedroom rent: $3,090. Detroit’s median monthly rent of $900 was at the opposite end of the national spectrum, according to the website.
The Apartment List New Haven residential rent report may be viewed here.
NEWS
The New Haven Middlesex Association of Realtors will host its “After the Holidays Party” from 4:30 to 7 p.m. Jan. 22 at WoodWinds in Branford. In addition to the usual revelry, food and drink, bonhomie and entertainment, the event will feature the installation of NHMR officers for 2020. The event is free to NHMR members and affiliates, but advance registration is a must. Visit here for tickets.
TRANSACTIONS
9 Hamden Park Dr., Hamden
The former Yankee Aluminum, a 17,950-square-foot industrial building on 2.14 acres at 9 Hamden Park Drive in the Hamden Business Park has been sold. The buyer, SMS Industries Inc., a metal roofing and building materials contractor, paid $767,500 for the property in a transaction that closed Dec. 3. The seller, the Revocable Trust of Raffaella Cannatelli, was represented by Tina Franke of Advisra. Al Monbaron of Century 21 Allpoints Realty represented the buyer.
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Army/Navy retail store the Battlezone is quitting its 30-year Boston Post Road digs for a new home at 221 Bull Hill Lane, Orange. The retailer has inked a five-year lease on 8,800 square feet of retail space. Michael Richitelli and Tony Vitti of Colonial Properties were sole brokers in the transaction.
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