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August 30, 2023

Study: Hartford, New Haven among the most overpriced rental markets

SHAHRZAD RASEKH / CT MIRROR Tenant union members pose for a photo after their rally in front of Ocean Management's office. They delivered a signed letter stating they refused the rent increases.
By Skyler Frazer

Connecticut has two of the most overpriced rental markets in the country, according to a recent study by Florida Atlantic University.

New Haven renters pay 9.02% more than they should based on historic norms while those in Hartford pay a premium of 8.19%, fifth and 10th worst in the country, respectively, according to July data from Florida Atlantic University School of Business’s Waller, Weeks and Johnson Rental Index. The university’s monthly report essentially shows what rents should be priced at in metro markets, based on history of rents and recent pricing trends, and where they actually are.
    
The average monthly rent in the U.S.’ 100 most-populated metropolitan areas is $2,062.33, according to data from July, higher than the $1,958.72 average the index said it should be based on historical rental pricing trends.

New Haven renters pay an average of $1,987.64 in monthly rent when they should be paying an average of $1,823.11, according to the data. Hartford renters average $1,848.32 on monthly rent, compared to the data’s expected average of $1,708.43.

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