People fled to the suburbs during the pandemic, but they’re returning to the cities, and as they do, apartment rental prices are surging — including in the Hartford region, a new report shows.
The U.S. median rental price in the 50 largest metro areas increased 13.6% in September 2021 from one year earlier, according to the Realtor.com September Rental Report. The surge brings monthly rents up $222 to a new high of $1,654 in September.
The report said all unit sizes saw double-digit increases over 2020 rates with studios up 11.3%, one-bedroom units up 13.7%, and two-bedrooms up 14.4%.
Rental rates in the Hartford/West Hartford/East Hartford region are up as well, although not as high as nationwide.
The overall rent in the Hartford region was $1,550 in September 2021, up 7.6% from one year earlier. Median rents for specific units are:
- Studio: $1,220, up 6.1% from one year ago
- One-bedroom: $1,445, up 4.4%
- Two-bedroom: $1,750, up 9.4%
George Ratiu, manager of economic research for Realtor.com, said the report highlights how challenging affordability is right now.
“Rental demand remains unseasonably high, driven by still-limited housing supply, rising mortgage rates pushing buyers toward renting, and more people returning to big cities,” he said.
The report notes that while rents nationwide did not rebound from COVID declines as quickly as home prices, “rental activity has now reached a level not unlike the homebuying frenzy seen earlier this year before fall seasonality kicked in.”
