10 Furnished Apartments for rent in Danbury, CT
October 2019 Danbury Rent Report
Welcome to the October 2019 Danbury Rent Report. Danbury rents declined over the past month. In this report, we'll evaluate trends in the Danbury rental market, including comparisons to cities throughout the state and nation.
October 2019 Danbury Rent Report
Welcome to the October 2019 Danbury Rent Report. Danbury rents declined over the past month. In this report, we'll evaluate trends in the Danbury rental market, including comparisons to cities throughout the state and nation.
Danbury rents declined significantly over the past month
Danbury rents have declined 0.5% over the past month, but have increased slightly by 1.7% in comparison to the same time last year. Currently, median rents in Danbury stand at $1,177 for a one-bedroom apartment and $1,486 for a two-bedroom. This is the third straight month that the city has seen rent decreases after an increase in June. Danbury's year-over-year rent growth leads the state average of 1.0%, as well as the national average of 1.4%.
Rents rising across cities in Connecticut
Throughout the past year, rent increases have been occurring not just in the city of Danbury, but across the entire state. Of the largest 10 cities that we have data for in Connecticut, 8 of them have seen prices rise. The state as a whole logged rent growth of 1.0% over the past year. Here's a look at how rents compare across some of the largest cities in the state.
- Looking throughout the state, Stamford is the most expensive of all Connecticut's major cities, with a median two-bedroom rent of $1,941; of the 10 largest cities in Connecticut that we have data for, Norwalk and Meriden, where two-bedrooms go for $1,774 and $1,136, are the only two major cities in the state to see rents fall year-over-year (-0.2% and -0.2%).
- Stamford, Danbury, and Bristol have all experienced year-over-year growth above the state average (2.3%, 1.7%, and 1.6%, respectively).
Many large cities nationwide show more affordable rents compared to Danbury
As rents have increased slightly in Danbury, a few large cities nationwide have also seen rents grow modestly. Compared to most large cities across the country, Danbury is less affordable for renters.
- Danbury's median two-bedroom rent of $1,486 is above the national average of $1,189. Nationwide, rents have grown by 1.4% over the past year compared to the 1.7% increase in Danbury.
- While Danbury's rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.8%), Dallas (+1.8%), and Atlanta (+1.6%).
- Renters will generally find more expensive prices in Danbury than most large cities. For example, Detroit has a median 2BR rent of $893, where Danbury is more than one-and-a-half times that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.