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Rental Costs Rise, Supply &Vacancies Fall in Hartford Region, Across U.S.

U.S Census Bureau
 

The Hartford-West Hartford-East Hartford region has seen rental costs rise while the supply of rentals and their vacancy rate have declined, according to a new report from the U.S. Census Bureau.

The report, “Rental Housing Market Condition Measures: A Comparison of U.S. Metropolitan Areas,” shows the central Connecticut region’s rental market is consistent with the large majority of metro areas across the country.  In the Hartford-West Hartford-East Hartford region, the median gross monthly rent rose to $962 according to the Bureau’s 2011 American Community Survey from $956 in the 2009 ACS survey. Similarly, the number of renters paying more than 35% of their household income on rent rose to 44.73% from 43% in 2009.

Across the nation, the portion of renters with such high housing costs rose to 44.3% from 42.5% in 2009, while the Hartford-West Hartford-East Hartford region was one of only 23 metro areas where gross rents increased, compared to 57 that saw declines. Nationwide, the gross monthly rent declined to $871 in 2011 from $880 in 2009.

The region’s vacancy rate also declined to 7.45% from 7.85%, reflecting a lack of sufficient supply, compared to the national rate of 7.4%, down from 8.43%. Another measure of the increased demand for rental housing was the continued move to households from owning to renting. In the Hartford metropolitan area, 32.62% of the households rented according to the 2011 ACS Survey, up from 30.34% in 2009.  The nationwide average, which has typically been higher than Connecticut’s, moved to 35.42% from 34.13% in 2009.

Click here to read the full report. 

 
 

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