The top rental markets in Connecticut are Waterbury, New Britain, and Hartford.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Connecticut Rental Trends:
Connecticut, located in the New England region of the U.S., is strategically located by New York City, Boston, and many historical towns. With prestigious education opportunities and a strong economy based in tourism, property investors will have options of long-term and short-term rentals for a strong ROI. Here are some highlights from the top rental markets in the Nutmeg State.
Days on Market:
The city with the lowest days on market is Hartford at 20 – five days above the national average which sits at 15 days; Waterbury has the highest number of days on market at 30.
The top three towns for the largest amount of leads per listing are above the national average sitting at 38. Here they are:
- Hartford – 164 leads per listing
- Waterbury – 155 leads per listing
- New Britain – 81 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Waterbury comes below that with the lowest average rent of $964 for a two-bedroom compared to the highest rent in Connecticut at $1,332 in Hartford.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Connecticut’s highest median sale price comes below that at $163,000 in Hartford with its lowest median sale price at $125,000 in Waterbury.
Connecticut’s median income rings in at $59,410 – above the national average at $48,500.
Security Deposit Trends:
Security deposits have risen in Connecticut’s cities between 2018 and 2019. With the largest being an increase of 51.35% in Waterbury at $1,400, and the smallest increase at 4.35% in Hartford with the current average at around $1,200 – exactly the national average for security deposits which is $1,200.
All of Connecticut’s cities have a livability score of 53 or higher with the highest being New Britain at 59!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.