Year-Over-Year Rent Price Analysis

The subject of today’s snapshot is for Downtown, New Haven, Connecticut. Based on our analysis, New Haven’s year-over-year average rents increased across all bedroom types.

Our standard neighborhood analysis uses a 12-month “LookBack” to establish an average baseline rent. The results from the 12-month LookBack analysis are presented in the tables below for New Haven 1–2 bedroom rents from January 1, 2021 – January 1, 2022:

As the table shows, 1BR units increased by 8% from last year or $153 more, and the 2BR units saw no change in rent prices since last year. As demonstrated by the table, year-over-year performance for all selected bedroom types increased in rent prices from last year.

Market Activity: New Haven, Connecticut

Are you interested in investing in New Haven? Location is an important factor to consider when finding a profitable market for a rental property. The key characteristics of a good location include a strong economy, a growing labor force, and high rental demand. Below are some quick facts about the New Haven rental market that can help you with your investment analysis and overall decision.

• Price-to-Rent Ratio
  • Avg 2BR House Price: $193,491 (According to Redfin)
  • Avg Annual 2BR Rent: $28,980 ($2,415 x 12 months)
    • Price-to-Rent Ratio: 7
• Population Growth: New Haven’s population increased by 3% over the last decade from 2010-2020 (According to US Census)
• Major Companies & Institutions:
  • Yale University, UIL Holdings, Wiggin and Dana, Arvinas, Yale-New Haven Health System, Higher One, Bucher Emhart Glass, The United Illuminating Company, Inbox Health, Pritchard Industries, Leeweay, NewAlliance Bank
• Employment Growth: 2.8% (According to US Bureau of Labor Statistics) 

About Rentometer

Rentometer is the #1 tool for comparing residential rent rates anywhere in the U.S. To succeed as a real estate investor, you need solid, current market intelligence to help you set the right rent rates in New Haven. Understanding local rents (and the factors that drive them) can help reduce investment risk, increase occupancy and improve your cash flow – and income. With Rentometer, you have local, current rents available right at your fingertips.

This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.