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April 2020 New Britain Rent Report
Welcome to the April 2020 New Britain Rent Report. New Britain rents remained steady over the past month. In this report, we'll evaluate trends in the New Britain rental market, including comparisons to cities throughout the state and nation.
April 2020 New Britain Rent Report
Welcome to the April 2020 New Britain Rent Report. New Britain rents remained steady over the past month. In this report, we'll evaluate trends in the New Britain rental market, including comparisons to cities throughout the state and nation.
New Britain rent trends were flat over the past month
New Britain rents have remained flat over the past month, however, they have increased slightly by 1.4% year-over-year. Currently, median rents in New Britain stand at $830 for a one-bedroom apartment and $1,039 for a two-bedroom. New Britain'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
Throughout the past year, rent increases have been occurring in the city of New Britain, but trends across other cities in the state have varied - of the largest 10 cities that we have data for in Connecticut, some have seen decreases while other cities have rents increasing. 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).
New Britain rents more affordable than many large cities nationwide
As rents have increased slightly in New Britain, a few large cities nationwide have seen rents grow more quickly. New Britain is still more affordable than most large cities across the country.
- New Britain's median two-bedroom rent of $1,039 is below the national average of $1,197. Nationwide, rents have grown by 1.9% over the past year compared to the 1.4% increase in New Britain.
- While New Britain's rents rose slightly over the past year, the city of San Francisco saw a decrease of 0.2%.
- Renters will find more reasonable prices in New Britain than most large cities. For example, San Francisco has a median 2BR rent of $3,102, which is nearly three times the price in New Britain.
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.