An analysis of monthly rental costs by Realtor.com found that the median rent in the Hartford area was $1,626, making it the 30th most expensive place to rent an apartment out of 52 metropolitan areas.
The Hartford area, which includes East Hartford and West Hartford, had an overall year-over-year rent increase of 7.5%, according to the data. The median rent for a studio was $1,497, a 32.5% increase from 2021.
The study found the median rent for a two-bedroom apartment was $1,955, which marked an 11.7% increase.
The majority of renters reported that rental costs were their biggest financial strain and barrier to putting aside savings, according to Realtor.com.
The data supports the nationwide trend of rising housing costs. In April, the U.S. median rental price hit a new high ($1,827) for the 14th month in a row, the website said.
The median rent ranged from $3,165 in the San Jose area to $985 in Oklahoma City. In New York City, the median rent was $2,845 – $20 more than in Boston.
“April data illustrates the perfect storm of supply and demand dynamics behind the continued rent surge, from a low number of available rentals to higher for-sale housing costs forcing many would-be buyers to rent for longer than planned,” said Danielle Hale, Realtor.com’s chief economist. “Renters are being left with few options but to meet higher rents and, in some cases, even offer above asking – whether they can afford to or not.”
