HARTFORD, Conn. (WTNH) — A Zillow housing market report released this month indicates that rent increases in Hartford have increased, but at a slower rate than the rest of the nation.
Rent in Hartford increased by an average of 9.19% between September 2021 and September 2022, according to the data. Nationwide, renters saw an increase of about 10.76%.
Compared to the previous month, rent in September 2022 was up by .74% in Hartford. The U.S. average for the same time period was .27%.
The area with the highest year-over-year rent increase included in the research is Miami, at 18.81%. It is followed by New York and San Diego, at 15.52% and 15.03%, respectively. The city with the lowest increase was Baltimore, at 4.18%.
The average rent in Hartford is $1,376, according to RentCafe, with the average apartment size at 780 square feet. The most expensive neighborhood is listed as Behind the Rocks, at $1,400. The least expensive neighborhood was in North East Hartford, at $1,109.
Home values also continued a steady upward climb. From September 2021 to September 2022, home values increased by about 9.2%, according to the data. The national rate was 12.93%.
Hartford home values decreased by .61% from August 2022 to September 2022.
The area with the highest year-over-year increase in home value was Miami, at 25.69%. It is followed by Orlando and Tampa, with 23.43% and 23.20%, respectively. San Francisco saw the lowest, at 2.77%.
Zillow predicts that the changes were in response to a drop in mortgage rates, and expects that demand will be down this fall. And while rent continues to rise, Zillow has a small silver lining, estimating that rents had the lowest jump since January 2021.