NEW HAVEN: According to information compiled by the apartments listing website Apartmentlist.com rents in New Haven have continued to increase, adding 0.4% over the past month, and are up 5.6% year-over-year. . This is the tenth straight month that the city has seen rent increases after a decline in August of last year. New Haven's year-over-year rent growth leads the state average of 1.3%, as well as the national average of 2.9%.
Currently, median rents in New Haven stand at $1,100 for a one-bedroom apartment and $1,340 for a two-bedroom
The report says that the median rent prices in New Haven “prove to be less affordable than comparable cities nationwide,” New Haven's median two-bedroom rent of $1,340 is above the national average of $1,150.
A report wasn't available for Hartford at press time, however according to the the company, a one-bedroom rents for $820 while a two-bedroom rents for $1,030. Rents increased 0.6% over the past month and 1.6% over the past year.
While New Haven's rents rose over the past year, some cities nationwide saw decreases, including Miami (-1.1%) and San Francisco (-0.6%). According to Apartment List, renters will generally find more expensive prices in New Haven than most similar cities. Comparably, Detroit has a median 2BR rent of $880, where New Haven is more than one-and-a-half times that price.
The site says it compiles data from private listing sites, including its own, and that data tends to skew towards luxury apartments, introducing sample bias.
To address this data issue the site says “It supplements that data with median rent statistics from the Census Bureau, then extrapolate forward based on our own rental listing data, using a same-unit analysis similar to Case-Shiller’s approach, which compares only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.”
Apartment List is headquartered in San Francisco, Apartment List was recently named to Inc. 5000’s fastest-growing companies in the US for two years in a row and the #3 fastest growing company in the Bay Area.