The
Connecticut real estate market has been booming since last year, and now
experts say home renters are seeing a spike in prices.
Daniel
Thomas, a real estate broker serving the Stratford and Bridgeport area, says
the affordability “just isn’t there” for renters.
He
says in addition to many rentals being snatched up by New Yorkers telecommuting
from the suburbs, some Connecticut homeowners have been selling their homes and
renting to take advantage of the market.
That
means far lower supply than previous years, which, in turn, means higher prices
for renters.
"Your
everyday, typical Connecticut renter – they’re priced out of the market,” says
Thomas. “I have a lot of clients right now actively looking for two bedrooms,
three bedrooms – things they would actively be able to rent a year ago for
$1,250, now it's listed for $1,900. It's a drastic difference in pricing.”
Thomas says no matter where you are in the state, housing
supply just can't match the demand right now.
"You do have a lot of developers who are building new
apartments and opening them up, and they're renting them out in a week. A
hundred units. And that's how quickly things are moving," he says.
Thomas
is cautioning potential landlords looking to get in on high rental revenues. He
says prices will likely come back down in a year or two. He says landlords are looking for quality
renters with a good job and credit history. He says in a competitive market,
anything that makes your application stand out is a good idea.