Renter's market sees slight price drop in CT among lack of supply, high costs, and increase in evections
The renting market in Connecticut has seen a slight decrease in price compared to last year, but experts say don't count on prices coming down much anytime soon.
Prices to rent an apartment or house are high due to lack of supply and the overall cost of housing.
Evonne Klein, CEO of CT Coalition to End Homelessness say all income levels are impacted by the crisis.
"We have this housing crisis and whether it's our children, our brothers, sisters, and friends-- they're being priced out of our local communities," Klein says.
The average rental cost in Fairfield County has topped $1,900 per month –up 3% from this time last year.
Caleb Silver from Investopedia says there are signs that rent is easing a bit.
Silver says Hartford County rents were only up about 1.4% in the month of April but that follows a really big increase of about 5.8% last year. Fairfield County rents saw a 0.5% increase and actually dropped in New Haven to just under 0.3%.
"Hopefully, we're going to get a leveling out, but I don't expect prices to drop in CT anytime soon," Silver says.
Klein says in addition to a lack of affordable housing, some landlords are raising rents and Connecticut is facing a wave of evictions.
She fears 30,000 people will face eviction this year up from 20,000 in 2017.
Klein says those facing eviction and who need help or shelter can call 211.