WATERBURY, Conn. (WTNH) — With inflation still red-hot, rent isn’t getting any better across Connecticut, as many people are finding themselves getting priced out of the market.
Renters are feeling the pinch, especially low-income families. Inflation has taken a toll on Monisha Baker and her husband, who have been homeless in Waterbury since 2014.
“Its very hard,” Baker said. “Since Covid happened, they gave stimulus checks out…its been hard to keep up.”
Even after getting a job, she quickly learned it wouldn’t be enough to cover rent.
“I get $1,200 a month about and my husband’s SSI we have almost $2,000 a month,” Baker said. “It shouldn’t be a problem.”
While they get priced out of apartments—for New York families that’ve moved to Connecticut, they’re cheap.
“They move here and $1,400 a month with rent is next to nothing for the $2,000 they’ve been paying in Brooklyn, per say,” landlord and realtor Jason Malagutti said.
Malagutti, a relator and landlord of apartments in Waterbury, has seen first hand inflation’s impact on the real estate market, driving up costs.
“Inflation doesn’t discriminate, it starts off with higher costs for materials and filters right down to the renter market from there,” Malagutti said.
Data shows that you pay now about $200 more for rent than 2017, and how much you pay really depends on where you live. In Waterbury, you may pay anywhere from about $800 for a studio to $1,200 for a two bedroom, the most common choice for renters.
Waterbury is a little more affordable when compared to West Hartford and New Haven, as well as Stamford, the most expensive city to rent.
Connecticut has the 7th highest rent in the country, and rent growth is expected to continue to accelerate after the Federal Reserves expected to hike interest rates again to fight inflation.
“It means a smaller pool of buyers for houses,” Malagutti said. “Which means there will be more renters.”