VERNON, CT – The monthly cost of renting an apartment in Vernon rose slightly in January, but it wasn’t even close to the state’s most expensive rate, according to figures compiled by the RentCafe service.
Here’s a comparative look at local average monthly rents in major North Central Connecticut markets for January:
- Vernon: Average rent is $ 1,244, up 0.7%
- Manchester: average rent is $ 1,334, up 0.1%
- Enfield: the average rent is 1,311, down 0.2%
- East Hartford: Average rent is $ 1,051, up 0.3%
- Rocky Hill: Average rent is $ 1,326, down 0.4%
According to RentCafe, Stamford had the most expensive average rents in the state at $ 2,393 per month, while apartments in Waterbury have the cheapest rents at $ 950 per month.
The national average rent in January 2020 was $ 1,463, up 3%, or $ 43, from the same time last year, according to data from Yardi Matrix. Rents rose moderately at the start of the new year, increasing 3% year-over-year, the slowest pace in 18 months, as the seasonal decline continues into the winter, according to RentCafe.
Rents are expected to maintain an upward trend throughout 2020 as the number of renters continues to increase in the United States, according to RentCafe. The demand for apartments is high, including among those who rent by choice. According to the survey, 157% more Americans who earn more than $ 150,000 a year have started renting in the past decade, moving from homeownership to a more flexible, job-oriented lifestyle. comfort.
RentCafe.com is a nationwide apartment search website that makes it easy for renters to find apartments and houses for rent across the United States.
Average rent data included in its reports comes directly from large-scale multi-family properties rented competitively (at market rates) (over 50 units), via a telephone survey. The data is compiled and reported by Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and investment sources underwriting investments in the multi-family, office, industrial and retail sectors. self-storage. Fully affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports only include cities with a statistically relevant stock of large-scale multi-family properties over 50 units.