Affordable Housing, Reports and Publications, State News

Fair Market Rents Drop Overall in CT for FY2013

 

The Department of Housing and Urban Development has released the fair market rent (FRM) estimates for Fiscal Year 2013. While prices for apartments in Connecticut have decreased overall from the Fiscal Year 2012 FMRs, there are large fluctuations between different sized units and metropolitan areas: 

  • Colchester-Lebanon metro area will have increases in all apartment types except 0 bedrooms which will experience a $61 decline down to $792. Their 4 bedroom units will have the largest increase with a 22%, $306 increase for an FMR of $1,695.
  • The Hartford metro area will experience minimal drop in FMRs. In fact, the FMR for 3 bedroom apartments will increase to $1,371 from $1,247 and the 4 bedroom apartment FMR will increase by $45 to $1,593.
  • Bridgeport’s FMRs will show a $104 decline to $967 for 1 bedroom units and a $110 drop to $1,743 for 4 bedroom units, but an $83 increase in the FMR for 3 bedroom units, bringing it to $1,609. 
  • Danbury’s FMRs will drop for all unit sizes, with a 14%- over $150, down to $1,023 - decrease in the FMR for 1 bedroom units and an over $100 drop for the 2 bedroom FMR, declining to $$1,384. 
  • The Milford-Ansonia-Seymour area had minor FMR increases and decreases for units of all sizes except the 1 bedroom, which will decrease by $116 at $1,047.
  • Norwich-New London also had a large decrease of $160 for 1 bedroom units with FMR dropping to $829.
  • In the New Haven-Meriden area, the new FMR for 0 bedroom units will be $874, dropping by $110. 
  • In Southern Middlesex County, the 2 bedroom FMR will increase by $120 to $1,200, with the 3 bedroom FMR increasing by $284 - from $1,386 to $1,670 –  and a $96 increase in the FMR for 4 bedroom units, up to $1,676.
  • The Stamford-Norwalk area will contend with large decreases for across unit sizes, except for 4 bedroom FMR which will increase from $2,553 to $2,784.
  • Waterbury had decreases for all units, where all unit sizes except the 4 bedroom declined over $100.
  • Litchfield County and Windham County both had decreases for all units with the FMR for 0 bedroom units declining by over $100 in both areas.

2013 Proposed FMR’s  
2012 Proposed FMR’s

 

 
 

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