NEW HAVEN, Conn. (WTNH) — Rent is increasing drastically. The average for Connecticut increased by 12% this year, and with no end in sight, many renters are asking, “is what I’m paying appropriate?”
“Connecticut is seeing rents really grow right now, actually slightly trailing the national average, but still a really rapid increase in growth though when we are talking about 12% in a year,” said Christopher Salviati, a housing economist with Apartment List.
According to Apartment List, Connecticut’s median rent price is just over $1,500 — about $200 more than the national average.
You really can see the difference in the big cities. It costs renters about $1,600 in the Hartford area — 13% more than last year.
The combination of inflation, increased demand, and supply chain issues for construction are all factors. A competitive housing market also has low-income families renting longer.
“You have folks that are at the lower end of the income distribution who are not even thinking about purchasing a home,” Salviati said. “They just want a safe, stable roof over their heads. Now, a lot of those folks are seeing their rent increase rapidly, and that obviously, creates a serious concern.”
Rent can fluctuate depending on where you live. In New Haven, they’re seeing rent anywhere from $800 to $3,000 or more.
How do you know if what you’re paying is appropriate? That’s where New Haven’s Fair Rent Commission comes in.
“We’re able to control and eliminate excessive use of rental charges,” New Haven’s Fair Rent Commission Executive Director Wildaliz Bermudez said.
To determine if it’s too high, they look at other properties in the area. There is also an investigation that gets done at the property in question.
Right now, they are overwhelmed with the number of calls from renters in towns that don’t have a rent commission.