'Priced out of the market': Real estate broker says market boom causing price spike for renters

Daniel Thomas, a real estate broker serving the Stratford and Bridgeport area, says the affordability “just isn’t there” for renters.

News 12 Staff

Apr 27, 2021, 7:35 PM

Updated 1,124 days ago

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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.


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