NEW HAVEN: New Haven rents declined significantly in December [.05%] according to apartmentlist.com but are still up significantly by 4.5% in comparison to the same time last year.
The demand for apartments does not translate into happy renters however, who gave the Elm City the second lowest level of satisfaction among renters nationwide, earning the city an F overall.
Renters are not too thrilled with the city’s economy either, with just 13% of renters saying that New Haven's economy is on the right track, earning it an F overall.
"New Haven renters are extremely unsatisfied overall with a particularly low level of confidence in the economy," says Andrew Tam, Vice President of Data Science at Apartment List. "The US renter population is at its highest level in 20 years, and the weakness of New Haven's economy makes it less attractive to members of this large demographic."
New Haven earned a D on plans for homeownership, with 50% of respondents saying they plan to purchase an apartment or home in the future.
New Haven’s small town lifestyle does have its advantages however the easy local commute brought the city’s highest grade, an A- for satisfaction with the local commute, with 75% of respondents reporting satisfaction with commute times to school or work.
Like many cities in New England, New Haven scored poorly for state and local taxes, with only 25% of respondents expressing satisfaction with tax rates. Boston received the highest grade in New England at an A+, while Providence received a B- and 3 Connecticut cities - Hartford, Bridgeport, and New Haven - received F's.
Currently, median rents in New Haven stand at $1,080 for a one-bedroom apartment and $1,320 for a two-bedroom. New Haven's year-over-year rent growth leads the state average of 1.5%, as well as the national average of 2.7%.
As rents have increased significantly in New Haven, a few large cities nationwide have seen rents grow more modestly. New Haven is still more affordable than most large cities across the country.
New Haven's median two-bedroom rent of $1,320 is above the national average of $1,160. Nationwide, rents have grown by 2.7% over the past year compared to the 4.5% rise in New Haven.
While New Haven's rents rose significantly over the past year, many cities nationwide also saw increases, including Phoenix (+3.9%), Seattle (+3.0%), and Dallas (+2.2%).
Renters will find more reasonable prices in New Haven however, than most large cities. San Francisco has a median 2BR rent of $3,010, which is more than twice the price in New Haven.