111 Luxury Apartments for rent in Hartford, CT
April 2020 Hartford Rent Report
Welcome to the April 2020 Hartford Rent Report. Hartford rents remained steady over the past month. In this report, we'll evaluate trends in the Hartford rental market, including comparisons to cities throughout the state and nation.
April 2020 Hartford Rent Report
Welcome to the April 2020 Hartford Rent Report. Hartford rents remained steady over the past month. In this report, we'll evaluate trends in the Hartford rental market, including comparisons to cities throughout the state and nation.
Hartford rent trends were flat over the past month
Hartford rents have remained steady over the past month, but have decreased slightly by 0.2% year-over-year. Currently, median rents in Hartford stand at $834 for a one-bedroom apartment and $1,044 for a two-bedroom. Hartford's year-over-year rent growth lags the state average of 1.5%, as well as the national average of 1.9%.
Rents steady across cities in Connecticut
While rent decreases have been occurring in the city of Hartford over the past year, trends across other cities in the state have varied. Of the largest 10 cities that we have data for in Connecticut, half have seen prices drop while others are seeing them rise. The state as a whole logged rent growth of 1.5% 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 $1,961; of the 10 largest Connecticut cities that we have data for, 5 have seen rents fall year-over-year, with Meriden experiencing the fastest decline (-3.7%).
- Middletown, Danbury, and Stamford have all experienced year-over-year growth above the state average (4.5%, 3.8%, and 3.3%, respectively).
Hartford rents more affordable than many large cities nationwide
As rents have fallen slightly in Hartford, many large cities nationwide have seen prices increase, in some cases substantially. Hartford is also more affordable than most large cities across the country.
- Hartford's median two-bedroom rent of $1,044 is below the national average of $1,197. Nationwide, rents have grown by 1.9% over the past year compared to the 0.2% decline in Hartford.
- While rents in Hartford fell slightly over the past year, many cities nationwide saw increases, including Phoenix (+3.4%), Miami (+2.7%), and New York (+2.7%).
- Renters will find more reasonable prices in Hartford than most large cities. For example, San Francisco has a median 2BR rent of $3,102, which is nearly three times the price in Hartford.
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.