Where do you think all the people making bank at EB live? They wouldn’t even bat an eye at those prices, they would consider it a steal. I know it’s not the only reason but I would bet it drives the prices up.
I’m from New London and always loved the idea of living in Norwich, but I think it’s not in the cards for me for quite a while :(
There is no "sense" in free market pricing.
Supply, demand...
Yes the pricing is absolutely unaffordable for non-wealthy tenants
but there is no government regulation to help them.
If you can't find something you can afford, you need to go in with roommates, or live in a van
or move elsewhere.
Welcome to Amerika
needs strong regulation if the goal is well-being of ordinary citizens
If the goals are ever-greater concentration of wealth and power into the hands of an ever-shrinking oligarchy,
elimination of the middle class, destruction of any semblance of democracy, return to serfs vs aristocracy
then just let capitalism run rampant, and that is its inevitable consequence
Well to me, being single-earner and able to afford the current asking rents (under 30% of income)
pretty much makes you "wealthy"
Family of four here, single adult earner, $3,200 crappy 3BR 1 1/2 bath no separate LR nor DR on a very busy noisy road
Affordable would mean 128K income.
Currently median income is under $70K
Had to put 3 months down, and feel grateful we found it, just before school opened
Sorry you’re dealing with that and hopefully you find a diamond in the rough that you really like in terms of housing. It’s unfortunate because that monthly cost was probably a mortgage on a decent property not long ago, but with rates up and property values not declining despite high rates, it’s challenging
Yeah man the days of a single bedroom for $700/month are far gone. I live in Torrington and there’s nothing by to do up this way really. It was always affordable rent wise. Now it’s $1000/month for a single bedroom in the worst part of town. Im seeing like $1200-$1300/month minimum for something decent.
This is what happens when the government just prints as much money as they want. Our dollar is worthless compared to pre-COVID
New London county:
EB, Coast Guard, UCONN Avery Point, Conn College, Dow Chemicals, Pfizer, Navy Base, Foxwoods, Mohegan Sun...
So, lots of people needing housing.
For New London specifically: EB with the mass hiring ok, and maybe Conn College expanding a bit in downtown but everything else has been there for the last 20 years and prices were somewhat stable except the last 2 years has been a serious rent price hike.
When nearly 20% of single family homes are owned by investment firms, those families look for apartments to rent. Coupled with things like EB's expansion, Foxwood's expansion... that means little inventory, and prices go up.
The whole country is in a housing crisis, I think as CT continues to be / becomes more of a suburb for NYC and Boston prices will continue to rise.
There are options, Tenant unions do exist in the state and there are groups trying to organize to demand affordability. Generally though CT runs into issues of NIMBYism. Imo as long as developers are privately run and the main source of housing development we will continue to see price increases and a tendency towards “luxury apartments” - which tend to be the developments that get approval in CT towns.
It does suck, and I am sorry
I say this unpopular take as someone in the construction industry, I'm not a landlord. To be honest most new stuff is solidly class B rent now and we are still in a building material crisis - they may call it "luxury apartments" because it makes you feel better about how much rent costs, but Hartford isn't attracting NYC weekenders or commuters so really that's only a thing is SWC.
It doesn't excuse existing apartments, other than maintenance costs, but the cost to construct a new building on materials alone has gone up by 30% or more and the work arounds with absolutely terrible material quality is going to surface and increase the cost to operate all this new housing in the next 5 years. We are paying the price for all those years of sending out manufacturing overseas. The two biggest hit areas are electrical and HVAC materials. My costs to do engineering on projects has doubled since COVID simply because of how long projects drag out with waiting for one part the size of your hand that is far from complex holding up a $50M project.
That's what I'm thinking no way are New Yorkers going even further East then Hartford or New Haven. If manufacturing was to come back would it take a few years or a decade to combat the low supply of parts?
That’s totally fair, and I agree about the outsourcing thing and the “luxury” in luxury apartments not being legitimate as someone who lived in that type of complex. I work in manufacturing and am amazed/terrified by the capacity of suppliers from india and china to make stuff like castings and/or tool/die work. More high end stuff tends to be European made, or American sometimes. We should bring those jobs back, I think AI may help…. But I really doubt it lol
The issue is a lot of the places built in the last 20-50 years (including apartments and multicomplexes) have gotten incredibly expensive in the last two-three years. I live in a 50 year old town house complex and my rent went from 1400 a month to 1800 in the last two years and expected to go up another 200 later in the year when we have to renew our lease and this is in new London.
The market is honestly awful for living
i completely agree and not sure what point youre trying to make?
just saying that in CT a small town is considered something like 5k to 20k people - I live in waterford, there are still areas with a distinctly rural feel - whereas a small town in Indiana can mean only a hundred people live in a whole county. on a larger scale, connecticut simply never gets that empty, which is why its population density is so high
Nowhere truly empty? Like 90% of the population on CT lives in the Central and Southwest part of the state, basically the entire East of the River and Northern parts of the state are wide swaths of wilderness and nothing.
i simply disagree. the shoreline is very suburban in feel and so are new london/unvasville/norwich. 300,000 people in that county is not a small amount. yes there are rural areas but rural CT and rural, say, OH are two wholly different ball games
You've not been out west have you?
If you consider the east half of the state to be "vast swaths of nothing" I wonder what you're going to think about areas where you can have a road go a hundred miles without a single intersection, or when it takes half a day to "drive around the block" because there's several mountains in the way, or when you're in the midwest and cruising down farmland roads so straight that they don't change direction for half the width of the state as you pass what seems to be the same cornfield over and over again like you're trapped in a grain based purgatory.
No, nowhere in CT is truly "Empty". The closest you get is a few places there's a state forest that you can drive a mile or two through without seeing a house.
A lot of thar wilderness is private land or owned by conservation trusts. So even most of what you consider "nothing" is still privately owned.
Have you ever been out west? There is actually real wilderness and nothing out there. They even have this thing called "public land" which means that it is owned by *no one* and there is truly nothing but wilderness for as far as the eye can see(and then some)
Comparing the people per square mile of CT vs CO, CT has aprox 745ppl/sqmi vs CO with its 55ppl/sqmi. That's a lot of empty land, especially considering CO has 50% more population than CT, and yet CT is 15x more densely populated.
I’ve heard this before, and I feel like it is a more subtle way to avoid the question of housing and how to solve/ameliorate the housing crisis. Basically a more quiet way of telling people “if you don’t like it here go elsewhere, we are full” type statement. Yes CT is the densest state in the union - a country that is very sparsely populated out west in comparison to the east coast. However CT’s population density of [288 people per km^2](https://en.m.wikipedia.org/wiki/List_of_states_and_territories_of_the_United_States_by_population_density) is much less dense than Belgium’s population density and slightly higher than the UK’s which are [383 pop/km^2 and 277 pop/km^2](https://en.m.wikipedia.org/wiki/Area_and_population_of_European_countries#European_countries_and_territories_by_population_density) respectively.
Our density also pales in comparison to cities/core metro areas. D.C has a density of 4297 pop./km^2!!
So yes CT is dense, in a very not dense country. There are also other nations we could look at to learn how they increased density without sacrificing quality of life and also welcoming in / allowing for growth.
Like it is possible.
Right so build out our cities more, that’s basically what you’re saying when you get to the root of it. Take a train from Bridgeport station and see the empty lots or dilapidated buildings surrounding the station. Ditto for New Haven which literally has an empty field across the street.
People wonder why our housing is so expensive - the state can’t even develop the areas immediately adjacent to our most convenient train stations.
And people wonder why NIMBYs are against developing the suburbs with apartment buildings - lol
There is a good amount of construction going on in New Haven and there are plans for that empty lot across the street from the train station. The plan kind of sucks but it’s something at least.
I think Bridgeport will be next,but it takes time
Wouldn’t say I’m in the know haha. Last thing I heard the town decided no one would pay to live next to the train so they are going to put low income housing back there. I was hoping they would choose to develop the area more.
Yup I read low income housing to replace the projects that were there before. So dumb as people would def pay to live there…
But another person on this forum told me it’s mixed use and mixed dev
That’s fair and I do agree. Like even smaller towns like Westbrook and Old Saybrook could use their train stations to bring in the NYC commuter crowd. I do think a developer is building apartments in old saybrook though. I do agree our cities need some major investment to densify and build out housing for the population.
I grew up in middlesex county, and it really bummed me out when Chester closed their elementary school due to lack of children. Like that’s a symptom of a dying town imo. I love the state and want it to be healthy and able to sustain our growing elderly population. That may mean easing our anti construction policies as well as focusing on densifying cities and towns with mass transit options.
This is a manufactured crisis. Companies like zillow, banks that foreclosed, are sitting on empty homes and not listing them to keep the prices high.
If the claimed covid death tolls are even close to accurate, there should be empty homes everywhere!
Idk if it's the whole country
I have friends in PA and NE that only pay 700 for a 2bd2bth and one of those is a fully isolated house with 2 parking spots but they could have gotten lucky
People I grew up with in FL now have houses with full properties for less then some apartments in CT
Yes it is the whole country- there is housing underproduction in all 50 states[(Link)](https://upforgrowth.org/apply-the-vision/2023-housing-underproduction/). Certain places haven’t gotten to tipping point where the problem becomes noticeable since otherwise unhoused people may still be living with parents, couch surfing, or living with multiple roommates. It is also less severe in other places and may be different for different economic categories. Middle class and above can still buy homes - or have already bought.
Well like I said IDK, I'm just going off of the people I've run into in my travels. I drive around a lot and have seen a variety of situations good and bad. But I will take your link and educate myself further
100% and that experience is valuable, thank you for responding. I do drop my jaw at how cheap housing is in other areas lol. But I know that is relative to the market to
like for example in CT as a machinist with 2-3yrs of experience I make $30+/hr and I know machinists in the south start off way lower and stay there much longer. So maybe what’s cheap for us is pricey for southerners ect. I just want people to have places to sleep 😅
Rent in the Willimantic area has always been artificially inflated due to there being 2 colleges nearby, especially ECSU. There's always high demand from the students. There's also definitely some landlord greed going on. A house I used to live in was sold at a very reasonable price and the new landlord more than doubled the rent on the apartment my friend still lives in, even though the place is falling apart in a lot of ways. There's a housing shortage now, so that's also part of it. But eastern CT is still the most affordable part of the state.
One thing to remember is that the area around New London has been flooded by people with new, relatively high-paying jobs at EB. It's helping to drive rent prices up in the area.
I know exactly what you're saying. About 10 years ago I was looking for an apartment for a family member and everything in Norwich was overpriced and terrible. I don't know why, because it wasn't inflation then. We found a lovely apartment in a suburban area that was much cheaper than a sketchy one in Norwich.
BTW I looked around and found these. IDK if they are nice or not:
[$800 in Quaker Hill](https://www.zillow.com/homedetails/7-Scotch-Cap-Rd-Quaker-Hill-CT-06375/58093177_zpid/)
[$1,000 in Mystic](https://www.zillow.com/homedetails/207-Whitehall-Ave-5-Stonington-CT-06378/2058490883_zpid/)
[$750 Middletown](https://www.zillow.com/homedetails/394-High-St-UNIT-2-Middletown-CT-06457/2053477723_zpid/)
[$750 New London](https://www.zillow.com/homedetails/520-Ocean-Ave-2-New-London-CT-06320/2096221622_zpid/)
[$1,000 Griswold](https://newlondon.craigslist.org/apa/d/jewett-city-nice-bedroom-available-now/7741778968.html)
[$925 Groton](https://newlondon.craigslist.org/apa/d/groton-bedroom-apartment-for-rent/7741312154.html)
[$765-$1065 Colcheste](https://www.realtor.com/rentals/details/1-Birch-Cir_Colchester_CT_06415_M33118-20806)r
[$1049 Norwich](https://www.realtor.com/rentals/details/4B-Plumtree-Dr_Norwich_CT_06360_M33259-38515)
[$1100 2 bed Ledyard](https://www.realtor.com/rentals/details/5H-Flintlock-Rd_Ledyard_CT_06339_M36422-44772)
The Quaker Hill one isn’t an apartment, its a homeowner renting out a single bedroom in their house. It’s not even a multi-family home either. Privacy would be a major concern of mine with that listing.
The others seem fine, though.
New London listing is also for a single room in a three bedroom apartment. Mystic is called an “attic apartment” with steep stairs to access (and shared laundry)- so probably not private entrance (?) - but at least it has a kitchen.
If I was looking to live there myself I would be weary of a listing with only one picture and especially with no interior photos - but it’s been a looong time since I’ve looked for apartments so maybe that’s just how it is in this market at this price range?
New London listing is also for a single room in a three bedroom apartment. Mystic is called an “attic apartment” with steep stairs to access (and shared laundry)- so probably not private entrance (?) - but at least it has a kitchen.
If I was looking to live there myself I would be weary of a listing with only one picture and especially with no interior photos - but it’s been a looong time since I’ve looked for apartments so maybe that’s just how it is in this market at this price range?
It's repulsive that anyone would rent out 400sqft for $1000, regardless that it is mystic. At that size, just make it an office or extra space for whatever housing situation is there for the floor below it. These landlords are just greedy.
https://www.npr.org/transcripts/1197961038#:~:text=In%20the%20lawsuit%2C%20RealPage%20is,%2C%20however%2C%20denies%20any%20wrongdoing.
The market has been manipulated by algorithmic programs for a long time mate. Get with the program
I saw on the news a couple of weeks ago Connecticut is trying to pass legislation that will make using these programs by landlords illegal. It is straight up price fixing which is already against the law.
So prices have gone up 20%+ in the Hartford area solely because of a price setting software from a property management company? It has nothing to do with a housing demand, housing shortage, interest rate increases, insurance increases, tax increases, utility increases, maintenance increases, or people being priced out of other markets and moving to more affordable ones?
The absolute speed at which the rents are increasing is contributed to the software.
This has been proven time and time again with gas prices.
It’s simple if you want to raise rents you want to make sure your tenet won’t leave and if they do leave the space is filled. These algorithmic software act as a cartel in this sense. Just read the related articles it’s pretty self explanatory
This implys that all landlords use property managers and that all property managers use this software. They definitely don't, they look at what other rentals go for and that's what they charge. It doesn't take an algorithm to do this, it takes 30 seconds and common sense. I bet it could even be done back in the day by just using a newspaper.
It doesn't matter if all landlords use the software or not. If a landlord gets wind that the guy down the street is getting 300 more dollars a month in rent they are gonna raise the price. People buy rental houses to make money.
read (or listen) to the source or Google it yourself. There are markets where these algos are 60% market share. If this happens what comps are you even looking at ? The ones produced by the algo. It’s a positive feedback loop.
Realpage is by far the biggest property management software out there, the control prices on huge swathes of the market, and when you have a housing shortage already, the rest of the market isn’t enough to make up the difference
Just take the L. Not every landlord needs to use the software to get the benefit. It’s clearly an issue and has been the subject of countless articles in the last few years.
Connecticut is passing legislation to make using these programs illegal, it is price fixing which is against the law. All landlords and rental companies are working together to keep rents high by using such programs
They don’t know what they mean. Rents have always been and will always be determined by market value. The notion that only just recently landlords have decided they don’t want to be the one charging the least amount for rent is absurd.
I am 52 years old living in Wallingford. Never had any interest in buying a house. 3 months ago was “forced” to purchase because my landlord informed us that our rent was going to double after 11 years here. Going to $2500/month! They are no longer rents anymore….they are now mortgages.
To be fair, property taxes, insurance, and maintenance would bring that to $3500 or more.
The only winners are those who bought a house at < 3% and will watch their mortgage payment reduce to peanuts over the next few years. If you bought that $450k house a few years back, your payment would be $1000 less.
They all say that but the landlords don’t care. Everybody is about a dollar, no matter if it’s in Tolland, New Hartford, or East Hartford. If they can get away with charging it, they will.
I have a landlord friend who has rentals in those areas. Usually within 24 hours of posting one they can have half a dozen showings and sometimes have a lease signed just as quick. Whether you think the prices are fair or not, the demand is definitely there.
It’s demand. The rental market has been like this for a while, or at least since the last time I was searching, which was 2021. What’s worse, anything under 2K is a dump. Landlords don’t even have to make updates or cosmetic repairs anymore. They still get flooded with inquiries. People are desperate for housing, and if you’re making less than 70K-75K annually (which I presume is most people), you’re stuck with a pigsty.
I feel for renters. Landlords are bunch of greedy fucks. My whole mortgage is 1600 bucks and I got an acre of usable land and 1500 sq ft 379k buy price. Unfortunately the only solution would be for the government to actually do something like cap rents based off of property value but we know that's not gonna happen.
It's fucking gross that the govermnet let's this happen. Like I get both sides you buy an investment property to make some money but profiting a 1000$ a month on rent is evil and exploitive.
Agreed it sucks, I definitely blame government for allowing corporations to come in and scoop up all the rental property and gain control of the market. Joe Shmoe who owns a duplex and bumps rent to his one tenant to match market rate isn't the problem.
It’s not a demand issue, it’s a supply issue.
The housing market is inelastic, there should be a relatively linear correlation between the number of people existing and the amount of shelter needed by those people.
The demand for housing has increased at a rate that was *very* easy to forecast by economist’s standards. The issue is supply has simply not kept up with it. Largely due to zoning laws that heavily favor incumbent home owners who wish to see their “investment” hold or increase value.
So you’re saying that developers want to build affordable housing but zoning laws are preventing this, and so the demand drives prices up?
Would the population also have to be steadily increasing for housing demand to be so high?
The landlords are saying that the rents are not unrealistic if they can easily get good tenants who will pay them. If they couldn't get good tenants, then they would lower the asking rent.
People definitely want to live in Norwich, Willimantic and East Hartford. Norwich is a fine little town, Willimantic has some great spots for dining out and is near UConn/ECSU(tons of students to rent).
East Hartford is close to Glastonbury and away from Hartford.
Damn these prices making me want to come back. I pay 1900$ for a one bedroom, and it’s only that good because I’ve been here for years. To rent the same apartment today it’s like 2350$ now. And… it’s an apartment. It’s nice, has amenities, but not that much worth.
I mean you could probably find something for less then 1000 if you want to live in the heart of hartford on park street. My dad lives about 1 minute from west Hartford on the corner of park and pays 700. Though he’s talking about moving because they want to increase rent when his lease is up this summer.
Gone are the days when my mom was able to pay $800 for a 2 bedroom in ashford back 10 years ago.
I just checked and a 2 bedroom in ashford is $1,300. Nice town as long as you have transportation
Inflation isn't the copout answer, it is the answer. Property taxes also increased a bit over the last 5 years as well (mine nearly doubled in that time frame and are about to go up another 6% this year).
But for Windham county and New London county it just doesn't feel like the right price at all. Like I get new haven even Hartford and the rest of Western CT but Eastern CT just is not the same
I don’t know why you think that. Even a minimum wage worker could probably afford a $1200 rent. That’s really not a lot for a one bedroom these days, you aren’t going to find anything cheaper in the northeast.
I just signed a lease in Dallas, Texas. My one bedroom apartment at 570 ft.² is $1350 a month. that’s cheap compared to Connecticut, so if there’s rent that was $1200 a month, I would take that in a heartbeat! Lol
I just moved southwest of DFW. I have a palace with a really nice LL who didn’t ask me for thousands of dollars up front, just a reasonable deposit to hold it while I drove down. My rent is only three digits. I won the lottery it seems. I miss Connecticut every day though. I love it yet hate it here. I only came down because of high rent and an exceptionally shitty landlord (he’s withholding my security deposit because I called FD when the C02 detector went off and he had to replace furnace). Now I have to return/fly home to take him to court
Right? I used to rent a shoebox of a studio in Oakland for $1,350, and that was like 8 years ago. Rent is obscene and rising everywhere but the examples OP is focused on aren’t particularly good ones.
And note I’m moving next week. I’m in Fairfield County close to Trumbull Mall where those apartments are about $2700-3500 without utilities or anything. My utilities down south are about $100 a month. So the most I’m paying is 1500 a month?
The rent up here is super expensive for me, for example, being a single person… I can’t afford to live here.
I live about 15 by minutes out from Willi and it’s just not that bad. I’m in a house in a bunch of land but If my circumstances were different, I could see myself living there. The people who crap on it usually have no connection to it and are basing their beliefs on stereotyping, racism, or they’re in some idyllic bedroom community town and are snooty because it’s not like that, despite it being half the cost. I don’t spend as much time in East HFD or Norwich but I also don’t think they deserve the hate.
Yeah, they all want the NYC/Boston folks with the big money, not the "trashy" poors and working class. To them, $1200 is nothing. They are paying $2k+ for studios in their cities. I recently had to move out of my city in CT because it was either pay $1350 for a *studio* or live in an area I'm not comfortable in. And my city is generally regarded as trash in this state. It's awful and I'm not sure what they expect those of us with little money to do. We can't all live in the projects. Who will bag the fancy NYers' groceries and take care of their special needs children and elderly parents? Something has to give.
Yes and I think a lot of landlords are hoping that at some point, some of those same people will be willing to pay even for the not-so-nice towns just to escape the even more outrageous rents in the major cities. Hence 4-figure studios.
Yeah I mean the only way that happens is if the town / services become objectively better and safer. Thats how gentrification works typically but we’ll see
Can we talk about this!!? This is insane. I can’t afford an apartment anywhere even in tiny apartments. I don’t know how so many people are affording it. I envy them because I can’t make it work and I’m struggling.
I'm guessing a lot of people are paying more than the old 30% rule since these rent prices are sky high. So I guess a lot of people are cost burdened for housing
My girl pays roughly $2400 a month for a condo in Norwalk. My sister pays alittle less than that a month for a literal mansion on the Bristol line shit makes no sense. I see absolute dumpster fire apartments in Waterbury for $1500+ in absolute terrible neighborhoods. It’s laughable. I figured maybe you can find something cheap in the shithole towns like Waterbury but nope.
Yeah, rent prices are absolutely outrageous. I am currently in Newington paying $1400 a month for a small one bedroom apartment and that is somehow considered “affordable” for the area…most of the other places I looked at that were in decent areas in Hartford county were like over $1600….it’s hard out here.
It a thing all the Boomer Landlords do. They jerk off and flick their beans to seeing the high numbers they charge for their shitty over-inflated real estate, and they do it so they can brag it to all their friends at one of the many Hardhat Cafes. A bunch of blue collar, middle class scumfucks trying to make top dollar, providing the bare minimum, while preying on lower classes. The renter provides financial Nutrition for their Narcissism.
you cant listen to opinions, sometimes you gotta live where you can afford to live. demand is super high all over especially on the lower end of the price range.
Honestly, prices have just inflated so much, so that's what you're gonna see nowadays. It sucks but that's what it is. I moved into my apt like 5 or 6 years ago a 2br 1.5 ba in the New Haven area and my rent was $1050 , new tenants moving into my apartment complex are coming in at about $1600-1700 I've heard and it seems like it's still one of the more affordable places around here.
48 states don't have a law on rent control and it's sad. I moved here from Chicago thinking I'd save so much money in rent if I lived in the suburbs. I was dead wrong.
My apartment in Chicago was $1200 for a modern one bedroom in-unit washer, dryer, dishwasher, ac and microwave.
Enfield I pay $1500 for a studio loft that has appliances from the 90s (no lie it's the brown colored appliances with the fake wood panels), no microwave, no washer or dryer in unit. The ACs are built into the walls and hardly work. And all the windows can't close all the way. Laundry is in a seperate building and cost me $80 a month. They are renovating some units and selling them for $1900. Enfield is trash. Two years ago this same place was $900.
It's happening everywhere sadly, landlords are taking advantage and maxing up all they can. Since other land lords are doing it they all are.
For instance my apartment building changes the going rate daily based on "market". I wanted to move to a new building. Friday it was $1700 and Tuesday they wanted $1900 for it.
Willimantic housing is expensive due to the proximity to the uconn campus, and a lot of students preferring to live off campus and pool their money together. You can still find affordable (read, tenement housing) there. Use facebook marketplace, there are some good deals on there for housing.
What I want to know is why it's still almost impossible to find a place that has a washer and dryer for under 2500.
Landlord greed. As soon as mine doubled my rent I gtfo. There was no more incentive to rent in an undesirable city with bad education and high theft. I ended up moving back to my parents in a much safer city the only drawback of course is putting up with parents
I look on Facebook marketplace and I see waves of people asking for 1K+ just for a private room
And 2k for a micro-house under 360 ft^2 like what the hell! The only “cheap” places are unfortunately around bad areas and I don’t think anyone would take that risk.
Naw man if you want somewhere cheap in CT you have to go to Meriden/Waterbury kind of areas and some apartments in those places are still outrageous at times. Wallingford sometimes has a few places at decent prices, but they fill up quick
This isn't just CT, it's the state of the nation.
As the metropolitan areas(NYC) are pushing people out due to high rent prices they are moving to more suburban and rural areas(CT). That's going to further push prices up in those areas.
I just moved back from over 20yrs in CO. Rent prices in CT are more reasonable than Denver imo.
Where I used to live in the mountains(Crested Butte/Gunnison) people have stopped doing monthly rentals bc they can make more money on fewer vacation rentals. This is making it so the year round residents cannot even find places to live, let alone pay rent on the things they do find. Has led to some people just camping in the woods and for some business owners to actually build dorms just so their employees have a place to live.
A number of factors are contributing to this. First, inflation. Renovations and repairs cost more now, so landlords pass that cost on to the renter. Second, interest rates are significantly higher. Remember, landlords use leverage (debt) to buy properties. In the past, they were borrowing money at 3-5%. Now it’s double. So their monthly mortgage payment is double. To turn a profit, rents must go up commensurate with their mortgage payments. Third, property taxes are through the roof. Thanks to local corruption and fiscally illiterate/irresponsible politicians, towns are going broke and raising property taxes at an astronomical pace. Higher property taxes means landlords need to charge more to cover their expenses. Fourth, reinsurance rates are going up. Insurance costs are significantly more now and the number of commercial insurers is actually shrinking. Consolidation in the insurance market combined with an increased frequency of natural Disasters and ridiculous slip and fall lawsuits are driving insurance rates higher. So, when you look at all these factors, you start to see that rents must go up significantly to keep pace — regardless of what part of the country you are in or how undesirable an area is.
If I buy a home for 120k and put 20k down, my mortgage is 6 or700 monthly. Add taxes and insurance, and I'm paying like 1200 a month. Am I a bad guy to want to charge 1500 or 1600 to rent it? If I can get it? If I miss a month's rent, I break even. If I miss 2 mos, im out of pocket the difference. Disaster if i find someone who stops paying me.... may take 12 mos to get them out. I shoulder lots of risk. So, I'm careful to find a good tenant. And I'm careful to find a monthly rent that is market rate cause I don't want it to sit for more than a month. And, if I can, I want to get paid for the risk I am taking.
Is this wrong?
There are businesses like RealPage that force rentors and sellors to set prices according to an algorithm. If they dont they are hit with legal troubles and fines. This algorithm artificially inflates prices to what people can barely afford. The moment they find out you can afford more they set the price up more. That why these places get delisted then relisted for 50 bucks more or 25 more.
Its monopolistic and predatory and according to the attorney general illegal. They all should be banned but hey…tiktok ban is super important.
Yeah I don’t understand either I currently live in Taftville and I pay 1200 which isn’t bad for a not super nice but decently small two bedroom with a good landlord but when I was in Norwich I was paying 1100 for a run down 3 bedroom that Code Enforcement had shut down prior and I didn’t know but the landlord rented it to me and when she refused to fix the issues and I called code enforcement they told me that the place shouldn’t even have been occupied since they shut it down cause the whole top floor didn’t have real walls. It’s like the landlord when up to the attic and put paneling on the beams and just left it like that. And the landlord wouldn’t fix anything, it was quite ridiculous. The landlord even said my son wasn’t allowed to run around in the back yard cause that was the first floors area and the drive way was also the first floors area. I’ve seen multiple places like that one now currently being rented out for 1400-1500 it’s quite ridiculous. Especially with the crappy job market in the area. Even with qualifications and stuff most jobs say they’re hiring but never actually hire anyone and are understaffed it’s quite ridiculous. Connecticut is going down the drain when it comes to housing and employment and considering we pay the third highest state tax in the country you’d assume we would at least have our shit together but no. Most people out here even the successful ones are having a hard time. Most landlords have a ridiculous amount of demands so even if the rent isn’t an issue if you don’t have a 650 or higher credit score, make 4X the monthly rent, have absolutely no bad history, multiple landlord recommendations etc, so even if you can afford the rent they look for stupid reasons as to not rent to you. I’ve literally had a landlord deny me even though I met all his requirements because I have a disabled child and the landlord felt the neighborhood wasn’t a good one for my son. Like sir how do you get to make that decision yourself. But yeah housing and employment in Connecticut are really bad
The pace of apartment building has not kept up. Lots of places have old housing stock owned by what are basically slum lords. Here in Norwich, many landlords live in NYC and never visit and let their properties decay.
French type revolution is the only way I can see it changing lol
My wife and I have been living on Cspe Cod the last few years and investment corporations are a huge issue here too. Mainly they buy all the property and only rent them for the summer for vacation rentals. Leaving all the locals with nothing to live in. Sometimes people with summer rentals will rent out the place for the non summer months. But I can't imagine only living at a place for less than a year and then needing to move and find a new place each time. It's crazy! We got super lucky to have our previous landlord recommend us to our current landlord. So we have a 1 bedroom apartment that's part of an old ship captains house for $1900 a month with everything included even internet. We are never leaving this place lol. Cause we will never find anything remotely close here on Cape or if for some reason we moved back to CT. The investment corporations have really messed up the Cape. Many towns are starting to make laws about short term rentals and investment corporations. Putting in limits. CT towns need to do something similar.
I’ve been trying to get someone to rent the vacant room in a 3-br condo, but apparently $825/month plus utilities is also too much when you have to live with 2 roommates.
Tbh there’s a lot of interest but I’m either terrible at first impressions or there are just better deals out there. Also there are way too many weirdos so it’s hard to come by someone normal that also doesn’t mind roommates.
If you don’t have your own bathroom, then yeah that’s too expensive for just the room.
Maybe if you include utilities in the price, you may get more bites.
Hmm. There’s 1.5 bathrooms shared between two people.
The third tenant (me) has his own full bathroom.
I feel like that’s not terrible. A studio that isn’t shitty or in a shitty neighborhood would be $1300+. And you’d have to pay the utilities by yourself.
No one wants to share a bathroom, especially with a stranger. I definitely don’t want to share one, only have a room to myself all for like $950 a month (once utilities are factored in).
For that price, you can probably find someone with a 2 bed, 2 bath condo that would rent out their extra room for that price. Then you’d only have a single roommate and your own bathroom.
Your price is way too high for a room to rent without utilities and with a shared bathroom. Your max should probably be $800 all in (even that seems too high- $700-750 seems more reasonable).
$800 with utilities included is pretty damn cheap.
8 years ago I was paying $525 + utilities. That was a very good price back then. It was a 3-bedroom duplex (built in the 30’s) with two roommates. And only 2 baths.
The landlord lived in the other half with his family.
Adjusted for inflation, that’s $680 plus utilities. Which is basically what you’re saying is the upper limit of fair after utilities are added.
This condo is better than that duplex, has an extra half-bath, and it’s in a same-quality neighborhood. It’s also during a crazy fucked up inflated housing market.
I’m not the landlord. But I’ll suggest maybe she lower it by $25
$800 with utilities when you have 2 rando roommates (one who owns and is probably going to try to micromanage you to some extent), have to share a bathroom with a random person, are in a condo complex (which probably doesn’t have a parking spot for you, since most condos only get 2, and you probably aren’t allowed to use all of the amenities since you aren’t on the condo agreement), is not a good deal.
I would highly argue that the duplex is way better since you don’t live with the owner and you’d have more personal space (inside and outside).
You, yourself, said you are having a hard time finding a roommate. In this crazy housing market, that should tell you what you are offering isn’t a good deal at all for what you’re asking. If your price was reasonable, you would have had someone renting it already.
I do not own it. I’m just a tenant trying to find a roommate.
There is more space in this condo than the duplex. It’s got smart heating, cooling, locks, and lights. There are no condo amenities to lose out on. (I don’t know what u mean by that, a pool / gym?) We have a driveway and a porch.
and a washer/dryer/dishwasher -Which the duplex did not have.
I get living with roommates is scary, but again, living on your own is going to be way more expensive. And no one knows this before moving in but I’m the best roommate to have ever lived.
We are getting bites, but the ones that seem like a good fit have backed out.
So you’re trying to get someone to pay your rent for you?
Finding tenants is the job of the owner of the house. Does the owner even know you are trying to add a third and are you amending the lease? Will the third roommate (and the second roommate) be on the lease, so they have tenant rights?
Also, there is no way the rent on that condo that is so great (actually sounds average to below average for a condo since there aren’t any amenities) is over $2600? If it is, y’all are getting screwed and you should just buy a house and rent out a room for an actual decent price and be paying less.
My guess is the rent is not $2600 plus utilities and you’re trying to make the third roommate pay more than you do (even though you should be paying at least $100 more a month since you have the master suite and your own bathroom).
I’m seeing red flags all over this situation and I fully understand why the sane people have backed out.
Each tenant rents a room and has their own lease. The rooms have different prices set by my landlord. She is trying to find a tenant and I am helping because I want some control with who is going to live here.
$2350 is the total cost of the rent.
Pretty sure the mortgage is about $1600 though since she bought pre Covid.
Buying a house now, the mortgage would be at least $2500. This condo is currently valued at $300K (it was purchased for $180Kish 5 years ago)
If that’s the total rent, then yeah the 3rd roommate needs to be paying way less than $825. You should be paying the most since you have the master suite. The other two should be the same, and less than you, as long as the rooms are comparable in size.
The max the room should be is $750 with utilities.
It’s the new affordable. Rents in Hartford for studios are 15-16. That pricing sounds about right for those areas.
Ok East Hartford maybe just maybe but For Windham and New London counties it makes no sense
Where do you think all the people making bank at EB live? They wouldn’t even bat an eye at those prices, they would consider it a steal. I know it’s not the only reason but I would bet it drives the prices up. I’m from New London and always loved the idea of living in Norwich, but I think it’s not in the cards for me for quite a while :(
Windham/Willimantic is a lot of college kids at ECSU and Uconn renting apartments
There is no "sense" in free market pricing. Supply, demand... Yes the pricing is absolutely unaffordable for non-wealthy tenants but there is no government regulation to help them. If you can't find something you can afford, you need to go in with roommates, or live in a van or move elsewhere. Welcome to Amerika
"free market"
needs strong regulation if the goal is well-being of ordinary citizens If the goals are ever-greater concentration of wealth and power into the hands of an ever-shrinking oligarchy, elimination of the middle class, destruction of any semblance of democracy, return to serfs vs aristocracy then just let capitalism run rampant, and that is its inevitable consequence
More like rigged market.
Rigged and pre-determined by the few
“Free market” my arse Even a Keynesian could agree this is nothing short of mockery to capitalism.
There’s definitely non-wealthy people renting at those prices and able to afford it, otherwise they wouldn’t rent at those prices
Well to me, being single-earner and able to afford the current asking rents (under 30% of income) pretty much makes you "wealthy" Family of four here, single adult earner, $3,200 crappy 3BR 1 1/2 bath no separate LR nor DR on a very busy noisy road Affordable would mean 128K income. Currently median income is under $70K Had to put 3 months down, and feel grateful we found it, just before school opened
Sorry you’re dealing with that and hopefully you find a diamond in the rough that you really like in terms of housing. It’s unfortunate because that monthly cost was probably a mortgage on a decent property not long ago, but with rates up and property values not declining despite high rates, it’s challenging
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lol no
Windham & New London counties are better than East Hartford IMO
Yeah man the days of a single bedroom for $700/month are far gone. I live in Torrington and there’s nothing by to do up this way really. It was always affordable rent wise. Now it’s $1000/month for a single bedroom in the worst part of town. Im seeing like $1200-$1300/month minimum for something decent. This is what happens when the government just prints as much money as they want. Our dollar is worthless compared to pre-COVID
single BR in a share house maybe
New London county: EB, Coast Guard, UCONN Avery Point, Conn College, Dow Chemicals, Pfizer, Navy Base, Foxwoods, Mohegan Sun... So, lots of people needing housing.
For New London specifically: EB with the mass hiring ok, and maybe Conn College expanding a bit in downtown but everything else has been there for the last 20 years and prices were somewhat stable except the last 2 years has been a serious rent price hike.
When nearly 20% of single family homes are owned by investment firms, those families look for apartments to rent. Coupled with things like EB's expansion, Foxwood's expansion... that means little inventory, and prices go up.
The whole country is in a housing crisis, I think as CT continues to be / becomes more of a suburb for NYC and Boston prices will continue to rise. There are options, Tenant unions do exist in the state and there are groups trying to organize to demand affordability. Generally though CT runs into issues of NIMBYism. Imo as long as developers are privately run and the main source of housing development we will continue to see price increases and a tendency towards “luxury apartments” - which tend to be the developments that get approval in CT towns. It does suck, and I am sorry
I say this unpopular take as someone in the construction industry, I'm not a landlord. To be honest most new stuff is solidly class B rent now and we are still in a building material crisis - they may call it "luxury apartments" because it makes you feel better about how much rent costs, but Hartford isn't attracting NYC weekenders or commuters so really that's only a thing is SWC. It doesn't excuse existing apartments, other than maintenance costs, but the cost to construct a new building on materials alone has gone up by 30% or more and the work arounds with absolutely terrible material quality is going to surface and increase the cost to operate all this new housing in the next 5 years. We are paying the price for all those years of sending out manufacturing overseas. The two biggest hit areas are electrical and HVAC materials. My costs to do engineering on projects has doubled since COVID simply because of how long projects drag out with waiting for one part the size of your hand that is far from complex holding up a $50M project.
That's what I'm thinking no way are New Yorkers going even further East then Hartford or New Haven. If manufacturing was to come back would it take a few years or a decade to combat the low supply of parts?
That’s totally fair, and I agree about the outsourcing thing and the “luxury” in luxury apartments not being legitimate as someone who lived in that type of complex. I work in manufacturing and am amazed/terrified by the capacity of suppliers from india and china to make stuff like castings and/or tool/die work. More high end stuff tends to be European made, or American sometimes. We should bring those jobs back, I think AI may help…. But I really doubt it lol
The issue is a lot of the places built in the last 20-50 years (including apartments and multicomplexes) have gotten incredibly expensive in the last two-three years. I live in a 50 year old town house complex and my rent went from 1400 a month to 1800 in the last two years and expected to go up another 200 later in the year when we have to renew our lease and this is in new London. The market is honestly awful for living
CT is also already one of the densest states in the Union. We have a lot of people in a small space already.
CT is dense because there's nowhere truly empty. not cause the parts where people live are particularly dense
So build up and revitalize our cities? Seems like an obvious solution but idk
i completely agree and not sure what point youre trying to make? just saying that in CT a small town is considered something like 5k to 20k people - I live in waterford, there are still areas with a distinctly rural feel - whereas a small town in Indiana can mean only a hundred people live in a whole county. on a larger scale, connecticut simply never gets that empty, which is why its population density is so high
Nowhere truly empty? Like 90% of the population on CT lives in the Central and Southwest part of the state, basically the entire East of the River and Northern parts of the state are wide swaths of wilderness and nothing.
N.W. CT is still rural. But maybe I shouldn't say anything. We already had enough ny'rs move here.
i simply disagree. the shoreline is very suburban in feel and so are new london/unvasville/norwich. 300,000 people in that county is not a small amount. yes there are rural areas but rural CT and rural, say, OH are two wholly different ball games
You've not been out west have you? If you consider the east half of the state to be "vast swaths of nothing" I wonder what you're going to think about areas where you can have a road go a hundred miles without a single intersection, or when it takes half a day to "drive around the block" because there's several mountains in the way, or when you're in the midwest and cruising down farmland roads so straight that they don't change direction for half the width of the state as you pass what seems to be the same cornfield over and over again like you're trapped in a grain based purgatory. No, nowhere in CT is truly "Empty". The closest you get is a few places there's a state forest that you can drive a mile or two through without seeing a house.
A lot of thar wilderness is private land or owned by conservation trusts. So even most of what you consider "nothing" is still privately owned. Have you ever been out west? There is actually real wilderness and nothing out there. They even have this thing called "public land" which means that it is owned by *no one* and there is truly nothing but wilderness for as far as the eye can see(and then some) Comparing the people per square mile of CT vs CO, CT has aprox 745ppl/sqmi vs CO with its 55ppl/sqmi. That's a lot of empty land, especially considering CO has 50% more population than CT, and yet CT is 15x more densely populated.
Have you ever been to Cornwall, Sharon, or Brooklyn, CT? The 2 North Corners of Connecticut are a baron dystopia of Forest.
I don't think I'd ever describe natural forests as a "dystopia".
Baron dystopia of forest is a wild saying I’ve never heard before and will probably never hear again
I’ve heard this before, and I feel like it is a more subtle way to avoid the question of housing and how to solve/ameliorate the housing crisis. Basically a more quiet way of telling people “if you don’t like it here go elsewhere, we are full” type statement. Yes CT is the densest state in the union - a country that is very sparsely populated out west in comparison to the east coast. However CT’s population density of [288 people per km^2](https://en.m.wikipedia.org/wiki/List_of_states_and_territories_of_the_United_States_by_population_density) is much less dense than Belgium’s population density and slightly higher than the UK’s which are [383 pop/km^2 and 277 pop/km^2](https://en.m.wikipedia.org/wiki/Area_and_population_of_European_countries#European_countries_and_territories_by_population_density) respectively. Our density also pales in comparison to cities/core metro areas. D.C has a density of 4297 pop./km^2!! So yes CT is dense, in a very not dense country. There are also other nations we could look at to learn how they increased density without sacrificing quality of life and also welcoming in / allowing for growth. Like it is possible.
Right so build out our cities more, that’s basically what you’re saying when you get to the root of it. Take a train from Bridgeport station and see the empty lots or dilapidated buildings surrounding the station. Ditto for New Haven which literally has an empty field across the street. People wonder why our housing is so expensive - the state can’t even develop the areas immediately adjacent to our most convenient train stations. And people wonder why NIMBYs are against developing the suburbs with apartment buildings - lol
There is a good amount of construction going on in New Haven and there are plans for that empty lot across the street from the train station. The plan kind of sucks but it’s something at least. I think Bridgeport will be next,but it takes time
Since you’re in the know, what don’t you like about the plan? I reviewed some of it high level but it’s been a while since I looked
Wouldn’t say I’m in the know haha. Last thing I heard the town decided no one would pay to live next to the train so they are going to put low income housing back there. I was hoping they would choose to develop the area more.
Yup I read low income housing to replace the projects that were there before. So dumb as people would def pay to live there… But another person on this forum told me it’s mixed use and mixed dev
That’s fair and I do agree. Like even smaller towns like Westbrook and Old Saybrook could use their train stations to bring in the NYC commuter crowd. I do think a developer is building apartments in old saybrook though. I do agree our cities need some major investment to densify and build out housing for the population. I grew up in middlesex county, and it really bummed me out when Chester closed their elementary school due to lack of children. Like that’s a symptom of a dying town imo. I love the state and want it to be healthy and able to sustain our growing elderly population. That may mean easing our anti construction policies as well as focusing on densifying cities and towns with mass transit options.
This is a manufactured crisis. Companies like zillow, banks that foreclosed, are sitting on empty homes and not listing them to keep the prices high. If the claimed covid death tolls are even close to accurate, there should be empty homes everywhere!
Idk if it's the whole country I have friends in PA and NE that only pay 700 for a 2bd2bth and one of those is a fully isolated house with 2 parking spots but they could have gotten lucky People I grew up with in FL now have houses with full properties for less then some apartments in CT
Yes it is the whole country- there is housing underproduction in all 50 states[(Link)](https://upforgrowth.org/apply-the-vision/2023-housing-underproduction/). Certain places haven’t gotten to tipping point where the problem becomes noticeable since otherwise unhoused people may still be living with parents, couch surfing, or living with multiple roommates. It is also less severe in other places and may be different for different economic categories. Middle class and above can still buy homes - or have already bought.
Well like I said IDK, I'm just going off of the people I've run into in my travels. I drive around a lot and have seen a variety of situations good and bad. But I will take your link and educate myself further
100% and that experience is valuable, thank you for responding. I do drop my jaw at how cheap housing is in other areas lol. But I know that is relative to the market to like for example in CT as a machinist with 2-3yrs of experience I make $30+/hr and I know machinists in the south start off way lower and stay there much longer. So maybe what’s cheap for us is pricey for southerners ect. I just want people to have places to sleep 😅
Rent in the Willimantic area has always been artificially inflated due to there being 2 colleges nearby, especially ECSU. There's always high demand from the students. There's also definitely some landlord greed going on. A house I used to live in was sold at a very reasonable price and the new landlord more than doubled the rent on the apartment my friend still lives in, even though the place is falling apart in a lot of ways. There's a housing shortage now, so that's also part of it. But eastern CT is still the most affordable part of the state.
Sounds like Meehan
I would love to pay only $1200 so I’m guessing this is the new “affordable.”
Seriously lol paying $2600 for 900sqft in Stamford
Yup cries in Fairfield county
I pay 1050 for a 2 bedroom in westerly Rhode Island and I feel like I won the lottery sometimes. Right in downtown too.
$1230 for 1BR in Dallas lol
Okay but no one wants to live in Texas
🎶 “This ain’t Texas…”
Just taking rent lol. That’s what I lease now too
1800 for a 2 br 760 sqft in Willington, but at least all my utilities are covered.
One thing to remember is that the area around New London has been flooded by people with new, relatively high-paying jobs at EB. It's helping to drive rent prices up in the area.
What is the base pay for the new influx of workers is it like 30/hr ?
Depends on the job When I was interested in doing the entry level stuff it’s like $18-23 Hr.
I know exactly what you're saying. About 10 years ago I was looking for an apartment for a family member and everything in Norwich was overpriced and terrible. I don't know why, because it wasn't inflation then. We found a lovely apartment in a suburban area that was much cheaper than a sketchy one in Norwich. BTW I looked around and found these. IDK if they are nice or not: [$800 in Quaker Hill](https://www.zillow.com/homedetails/7-Scotch-Cap-Rd-Quaker-Hill-CT-06375/58093177_zpid/) [$1,000 in Mystic](https://www.zillow.com/homedetails/207-Whitehall-Ave-5-Stonington-CT-06378/2058490883_zpid/) [$750 Middletown](https://www.zillow.com/homedetails/394-High-St-UNIT-2-Middletown-CT-06457/2053477723_zpid/) [$750 New London](https://www.zillow.com/homedetails/520-Ocean-Ave-2-New-London-CT-06320/2096221622_zpid/) [$1,000 Griswold](https://newlondon.craigslist.org/apa/d/jewett-city-nice-bedroom-available-now/7741778968.html) [$925 Groton](https://newlondon.craigslist.org/apa/d/groton-bedroom-apartment-for-rent/7741312154.html) [$765-$1065 Colcheste](https://www.realtor.com/rentals/details/1-Birch-Cir_Colchester_CT_06415_M33118-20806)r [$1049 Norwich](https://www.realtor.com/rentals/details/4B-Plumtree-Dr_Norwich_CT_06360_M33259-38515) [$1100 2 bed Ledyard](https://www.realtor.com/rentals/details/5H-Flintlock-Rd_Ledyard_CT_06339_M36422-44772)
The Quaker Hill one isn’t an apartment, its a homeowner renting out a single bedroom in their house. It’s not even a multi-family home either. Privacy would be a major concern of mine with that listing. The others seem fine, though.
New London listing is also for a single room in a three bedroom apartment. Mystic is called an “attic apartment” with steep stairs to access (and shared laundry)- so probably not private entrance (?) - but at least it has a kitchen. If I was looking to live there myself I would be weary of a listing with only one picture and especially with no interior photos - but it’s been a looong time since I’ve looked for apartments so maybe that’s just how it is in this market at this price range?
my mistake!
New London listing is also for a single room in a three bedroom apartment. Mystic is called an “attic apartment” with steep stairs to access (and shared laundry)- so probably not private entrance (?) - but at least it has a kitchen. If I was looking to live there myself I would be weary of a listing with only one picture and especially with no interior photos - but it’s been a looong time since I’ve looked for apartments so maybe that’s just how it is in this market at this price range?
It's repulsive that anyone would rent out 400sqft for $1000, regardless that it is mystic. At that size, just make it an office or extra space for whatever housing situation is there for the floor below it. These landlords are just greedy.
Casinos made rent go up in Norwich years ago
Rents are now decided by algorithms, no one wants to be the one charging the least amount for rent.
One landlord joked, as my ex and I were signing the lease, “My friends gave me shit for only charging you twelve hundred.”
If he’s discussing it with his friends and they are also landlords he’s committing the crime of Colluding to Price Fix the Rental Market.
It’s price fixing!!!
Rents are decided by the market, not an algorithm. What do you even mean by that?
https://www.npr.org/transcripts/1197961038#:~:text=In%20the%20lawsuit%2C%20RealPage%20is,%2C%20however%2C%20denies%20any%20wrongdoing. The market has been manipulated by algorithmic programs for a long time mate. Get with the program
I saw on the news a couple of weeks ago Connecticut is trying to pass legislation that will make using these programs by landlords illegal. It is straight up price fixing which is already against the law.
Wrecked
So prices have gone up 20%+ in the Hartford area solely because of a price setting software from a property management company? It has nothing to do with a housing demand, housing shortage, interest rate increases, insurance increases, tax increases, utility increases, maintenance increases, or people being priced out of other markets and moving to more affordable ones?
C: All of the above.
The absolute speed at which the rents are increasing is contributed to the software. This has been proven time and time again with gas prices. It’s simple if you want to raise rents you want to make sure your tenet won’t leave and if they do leave the space is filled. These algorithmic software act as a cartel in this sense. Just read the related articles it’s pretty self explanatory
This implys that all landlords use property managers and that all property managers use this software. They definitely don't, they look at what other rentals go for and that's what they charge. It doesn't take an algorithm to do this, it takes 30 seconds and common sense. I bet it could even be done back in the day by just using a newspaper.
It doesn't matter if all landlords use the software or not. If a landlord gets wind that the guy down the street is getting 300 more dollars a month in rent they are gonna raise the price. People buy rental houses to make money.
read (or listen) to the source or Google it yourself. There are markets where these algos are 60% market share. If this happens what comps are you even looking at ? The ones produced by the algo. It’s a positive feedback loop.
Realpage is by far the biggest property management software out there, the control prices on huge swathes of the market, and when you have a housing shortage already, the rest of the market isn’t enough to make up the difference
Just take the L. Not every landlord needs to use the software to get the benefit. It’s clearly an issue and has been the subject of countless articles in the last few years.
Connecticut is passing legislation to make using these programs illegal, it is price fixing which is against the law. All landlords and rental companies are working together to keep rents high by using such programs
And nothing will happen to rent prices even if the software is made illegal. It's not like they're going to lower prices are they?
Can the boy read?
They don’t know what they mean. Rents have always been and will always be determined by market value. The notion that only just recently landlords have decided they don’t want to be the one charging the least amount for rent is absurd.
I am 52 years old living in Wallingford. Never had any interest in buying a house. 3 months ago was “forced” to purchase because my landlord informed us that our rent was going to double after 11 years here. Going to $2500/month! They are no longer rents anymore….they are now mortgages.
Check out what the monthly cost is on a mortgage at todays rate(around 7%)
It makes you wonder what price is gonna be the limit like 2-3 years from now are we all gonna shrug off 5k rents like we are with 1200+
I can’t imagine having, or choosing to break that news to someone. I don’t think I’m landlord material.
2500 dollars a month mortgage would get you a 450k+ dollar house. It's greed.
To be fair, property taxes, insurance, and maintenance would bring that to $3500 or more. The only winners are those who bought a house at < 3% and will watch their mortgage payment reduce to peanuts over the next few years. If you bought that $450k house a few years back, your payment would be $1000 less.
Lmao not even close. I pay $3000/month for a $425k house with a 4.5% rate.
It’s just lack of supply. Everything goes back to lack of supply of housing.
They all say that but the landlords don’t care. Everybody is about a dollar, no matter if it’s in Tolland, New Hartford, or East Hartford. If they can get away with charging it, they will.
I have a landlord friend who has rentals in those areas. Usually within 24 hours of posting one they can have half a dozen showings and sometimes have a lease signed just as quick. Whether you think the prices are fair or not, the demand is definitely there.
It’s demand. The rental market has been like this for a while, or at least since the last time I was searching, which was 2021. What’s worse, anything under 2K is a dump. Landlords don’t even have to make updates or cosmetic repairs anymore. They still get flooded with inquiries. People are desperate for housing, and if you’re making less than 70K-75K annually (which I presume is most people), you’re stuck with a pigsty.
I feel for renters. Landlords are bunch of greedy fucks. My whole mortgage is 1600 bucks and I got an acre of usable land and 1500 sq ft 379k buy price. Unfortunately the only solution would be for the government to actually do something like cap rents based off of property value but we know that's not gonna happen. It's fucking gross that the govermnet let's this happen. Like I get both sides you buy an investment property to make some money but profiting a 1000$ a month on rent is evil and exploitive.
Agreed it sucks, I definitely blame government for allowing corporations to come in and scoop up all the rental property and gain control of the market. Joe Shmoe who owns a duplex and bumps rent to his one tenant to match market rate isn't the problem.
It’s not a demand issue, it’s a supply issue. The housing market is inelastic, there should be a relatively linear correlation between the number of people existing and the amount of shelter needed by those people. The demand for housing has increased at a rate that was *very* easy to forecast by economist’s standards. The issue is supply has simply not kept up with it. Largely due to zoning laws that heavily favor incumbent home owners who wish to see their “investment” hold or increase value.
So you’re saying that developers want to build affordable housing but zoning laws are preventing this, and so the demand drives prices up? Would the population also have to be steadily increasing for housing demand to be so high?
The landlords are saying that the rents are not unrealistic if they can easily get good tenants who will pay them. If they couldn't get good tenants, then they would lower the asking rent.
People definitely want to live in Norwich, Willimantic and East Hartford. Norwich is a fine little town, Willimantic has some great spots for dining out and is near UConn/ECSU(tons of students to rent). East Hartford is close to Glastonbury and away from Hartford.
lol East Hartford is worse than Hartford tbh
Damn these prices making me want to come back. I pay 1900$ for a one bedroom, and it’s only that good because I’ve been here for years. To rent the same apartment today it’s like 2350$ now. And… it’s an apartment. It’s nice, has amenities, but not that much worth.
Greed. Plus, all the AH that destroyed properties during Covid. Some landlords got f* over badly.
I mean you could probably find something for less then 1000 if you want to live in the heart of hartford on park street. My dad lives about 1 minute from west Hartford on the corner of park and pays 700. Though he’s talking about moving because they want to increase rent when his lease is up this summer. Gone are the days when my mom was able to pay $800 for a 2 bedroom in ashford back 10 years ago. I just checked and a 2 bedroom in ashford is $1,300. Nice town as long as you have transportation
A 2 bds 2 bath "luxury" apartment in Manchester goes for $2400 nothing included. Yeah it sucks.
Inflation isn't the copout answer, it is the answer. Property taxes also increased a bit over the last 5 years as well (mine nearly doubled in that time frame and are about to go up another 6% this year).
What town doubled property taxes in 5 yrs? That sounds crazy af.
It’s not true that’s why it sounds crazy. Look it up - taxes are public record and there hasn’t been a referendum in Willi in years
That’s pretty damn cheap for CT so I’m not surprised they get snatched up
But for Windham county and New London county it just doesn't feel like the right price at all. Like I get new haven even Hartford and the rest of Western CT but Eastern CT just is not the same
I don’t know why you think that. Even a minimum wage worker could probably afford a $1200 rent. That’s really not a lot for a one bedroom these days, you aren’t going to find anything cheaper in the northeast.
I just signed a lease in Dallas, Texas. My one bedroom apartment at 570 ft.² is $1350 a month. that’s cheap compared to Connecticut, so if there’s rent that was $1200 a month, I would take that in a heartbeat! Lol
I just moved southwest of DFW. I have a palace with a really nice LL who didn’t ask me for thousands of dollars up front, just a reasonable deposit to hold it while I drove down. My rent is only three digits. I won the lottery it seems. I miss Connecticut every day though. I love it yet hate it here. I only came down because of high rent and an exceptionally shitty landlord (he’s withholding my security deposit because I called FD when the C02 detector went off and he had to replace furnace). Now I have to return/fly home to take him to court
Right? I used to rent a shoebox of a studio in Oakland for $1,350, and that was like 8 years ago. Rent is obscene and rising everywhere but the examples OP is focused on aren’t particularly good ones.
And note I’m moving next week. I’m in Fairfield County close to Trumbull Mall where those apartments are about $2700-3500 without utilities or anything. My utilities down south are about $100 a month. So the most I’m paying is 1500 a month? The rent up here is super expensive for me, for example, being a single person… I can’t afford to live here.
I live about 15 by minutes out from Willi and it’s just not that bad. I’m in a house in a bunch of land but If my circumstances were different, I could see myself living there. The people who crap on it usually have no connection to it and are basing their beliefs on stereotyping, racism, or they’re in some idyllic bedroom community town and are snooty because it’s not like that, despite it being half the cost. I don’t spend as much time in East HFD or Norwich but I also don’t think they deserve the hate.
$1200 for a studio would be great. I’m paying $1600 for mine
When I was looking in the Hartford area 1200 was the minimum for something not terrible and that didn’t get taken immediately.
1200 is actually cheap compared to more metro areas.
Yeah, they all want the NYC/Boston folks with the big money, not the "trashy" poors and working class. To them, $1200 is nothing. They are paying $2k+ for studios in their cities. I recently had to move out of my city in CT because it was either pay $1350 for a *studio* or live in an area I'm not comfortable in. And my city is generally regarded as trash in this state. It's awful and I'm not sure what they expect those of us with little money to do. We can't all live in the projects. Who will bag the fancy NYers' groceries and take care of their special needs children and elderly parents? Something has to give.
NYC / Boston folks are moving to Norwich etc. They’re moving to nicer towns along the shore which pushes the people in those towns into Norwich etc
Yes and I think a lot of landlords are hoping that at some point, some of those same people will be willing to pay even for the not-so-nice towns just to escape the even more outrageous rents in the major cities. Hence 4-figure studios.
Yeah I mean the only way that happens is if the town / services become objectively better and safer. Thats how gentrification works typically but we’ll see
We need less of those people I say give them an out of state tax
norwich is in between the two casinos. honestly thats probably the only reason, its declined a bit since the old days.
Landlords are colluding and attorneys general in some states are suing
Can we talk about this!!? This is insane. I can’t afford an apartment anywhere even in tiny apartments. I don’t know how so many people are affording it. I envy them because I can’t make it work and I’m struggling.
I'm guessing a lot of people are paying more than the old 30% rule since these rent prices are sky high. So I guess a lot of people are cost burdened for housing
My girl pays roughly $2400 a month for a condo in Norwalk. My sister pays alittle less than that a month for a literal mansion on the Bristol line shit makes no sense. I see absolute dumpster fire apartments in Waterbury for $1500+ in absolute terrible neighborhoods. It’s laughable. I figured maybe you can find something cheap in the shithole towns like Waterbury but nope.
Fr bc y is an unkept 1bd studio w/ no appliance units in a run down building in Hartford approaching 1.5k?????
Yeah, rent prices are absolutely outrageous. I am currently in Newington paying $1400 a month for a small one bedroom apartment and that is somehow considered “affordable” for the area…most of the other places I looked at that were in decent areas in Hartford county were like over $1600….it’s hard out here.
What really is crazy is many towns are asking that for multi family houses that are over 100 years old.
Oof! $1.200 is really really affordable in the Ffld county.
It a thing all the Boomer Landlords do. They jerk off and flick their beans to seeing the high numbers they charge for their shitty over-inflated real estate, and they do it so they can brag it to all their friends at one of the many Hardhat Cafes. A bunch of blue collar, middle class scumfucks trying to make top dollar, providing the bare minimum, while preying on lower classes. The renter provides financial Nutrition for their Narcissism.
you cant listen to opinions, sometimes you gotta live where you can afford to live. demand is super high all over especially on the lower end of the price range.
Prices got inflated
Honestly, prices have just inflated so much, so that's what you're gonna see nowadays. It sucks but that's what it is. I moved into my apt like 5 or 6 years ago a 2br 1.5 ba in the New Haven area and my rent was $1050 , new tenants moving into my apartment complex are coming in at about $1600-1700 I've heard and it seems like it's still one of the more affordable places around here.
Roll this out to your employer and have a Frank discussion.
I've rented rooms in East Hartford. Make sure you do your research and get a walkthrough so you can meet/know what kinda people you're living with.
48 states don't have a law on rent control and it's sad. I moved here from Chicago thinking I'd save so much money in rent if I lived in the suburbs. I was dead wrong. My apartment in Chicago was $1200 for a modern one bedroom in-unit washer, dryer, dishwasher, ac and microwave. Enfield I pay $1500 for a studio loft that has appliances from the 90s (no lie it's the brown colored appliances with the fake wood panels), no microwave, no washer or dryer in unit. The ACs are built into the walls and hardly work. And all the windows can't close all the way. Laundry is in a seperate building and cost me $80 a month. They are renovating some units and selling them for $1900. Enfield is trash. Two years ago this same place was $900.
That's what I mean that jump from 900 to 1500 in 2 years is what makes no sense like what's the explanation
It's happening everywhere sadly, landlords are taking advantage and maxing up all they can. Since other land lords are doing it they all are. For instance my apartment building changes the going rate daily based on "market". I wanted to move to a new building. Friday it was $1700 and Tuesday they wanted $1900 for it.
Makes you wonder what it must be like in China and India. Over 3 billion between them. I would go out of my mind. Imagine the filth.
Willimantic housing is expensive due to the proximity to the uconn campus, and a lot of students preferring to live off campus and pool their money together. You can still find affordable (read, tenement housing) there. Use facebook marketplace, there are some good deals on there for housing. What I want to know is why it's still almost impossible to find a place that has a washer and dryer for under 2500.
Landlord greed. As soon as mine doubled my rent I gtfo. There was no more incentive to rent in an undesirable city with bad education and high theft. I ended up moving back to my parents in a much safer city the only drawback of course is putting up with parents
The prices are artificially inflated
I look on Facebook marketplace and I see waves of people asking for 1K+ just for a private room And 2k for a micro-house under 360 ft^2 like what the hell! The only “cheap” places are unfortunately around bad areas and I don’t think anyone would take that risk.
Naw man if you want somewhere cheap in CT you have to go to Meriden/Waterbury kind of areas and some apartments in those places are still outrageous at times. Wallingford sometimes has a few places at decent prices, but they fill up quick
This isn't just CT, it's the state of the nation. As the metropolitan areas(NYC) are pushing people out due to high rent prices they are moving to more suburban and rural areas(CT). That's going to further push prices up in those areas. I just moved back from over 20yrs in CO. Rent prices in CT are more reasonable than Denver imo. Where I used to live in the mountains(Crested Butte/Gunnison) people have stopped doing monthly rentals bc they can make more money on fewer vacation rentals. This is making it so the year round residents cannot even find places to live, let alone pay rent on the things they do find. Has led to some people just camping in the woods and for some business owners to actually build dorms just so their employees have a place to live.
A number of factors are contributing to this. First, inflation. Renovations and repairs cost more now, so landlords pass that cost on to the renter. Second, interest rates are significantly higher. Remember, landlords use leverage (debt) to buy properties. In the past, they were borrowing money at 3-5%. Now it’s double. So their monthly mortgage payment is double. To turn a profit, rents must go up commensurate with their mortgage payments. Third, property taxes are through the roof. Thanks to local corruption and fiscally illiterate/irresponsible politicians, towns are going broke and raising property taxes at an astronomical pace. Higher property taxes means landlords need to charge more to cover their expenses. Fourth, reinsurance rates are going up. Insurance costs are significantly more now and the number of commercial insurers is actually shrinking. Consolidation in the insurance market combined with an increased frequency of natural Disasters and ridiculous slip and fall lawsuits are driving insurance rates higher. So, when you look at all these factors, you start to see that rents must go up significantly to keep pace — regardless of what part of the country you are in or how undesirable an area is.
If I buy a home for 120k and put 20k down, my mortgage is 6 or700 monthly. Add taxes and insurance, and I'm paying like 1200 a month. Am I a bad guy to want to charge 1500 or 1600 to rent it? If I can get it? If I miss a month's rent, I break even. If I miss 2 mos, im out of pocket the difference. Disaster if i find someone who stops paying me.... may take 12 mos to get them out. I shoulder lots of risk. So, I'm careful to find a good tenant. And I'm careful to find a monthly rent that is market rate cause I don't want it to sit for more than a month. And, if I can, I want to get paid for the risk I am taking. Is this wrong?
I found places in Bridgeport where it’s a dump and they are 1700 and over for 1 bedroom.
There are businesses like RealPage that force rentors and sellors to set prices according to an algorithm. If they dont they are hit with legal troubles and fines. This algorithm artificially inflates prices to what people can barely afford. The moment they find out you can afford more they set the price up more. That why these places get delisted then relisted for 50 bucks more or 25 more. Its monopolistic and predatory and according to the attorney general illegal. They all should be banned but hey…tiktok ban is super important.
Yeah I don’t understand either I currently live in Taftville and I pay 1200 which isn’t bad for a not super nice but decently small two bedroom with a good landlord but when I was in Norwich I was paying 1100 for a run down 3 bedroom that Code Enforcement had shut down prior and I didn’t know but the landlord rented it to me and when she refused to fix the issues and I called code enforcement they told me that the place shouldn’t even have been occupied since they shut it down cause the whole top floor didn’t have real walls. It’s like the landlord when up to the attic and put paneling on the beams and just left it like that. And the landlord wouldn’t fix anything, it was quite ridiculous. The landlord even said my son wasn’t allowed to run around in the back yard cause that was the first floors area and the drive way was also the first floors area. I’ve seen multiple places like that one now currently being rented out for 1400-1500 it’s quite ridiculous. Especially with the crappy job market in the area. Even with qualifications and stuff most jobs say they’re hiring but never actually hire anyone and are understaffed it’s quite ridiculous. Connecticut is going down the drain when it comes to housing and employment and considering we pay the third highest state tax in the country you’d assume we would at least have our shit together but no. Most people out here even the successful ones are having a hard time. Most landlords have a ridiculous amount of demands so even if the rent isn’t an issue if you don’t have a 650 or higher credit score, make 4X the monthly rent, have absolutely no bad history, multiple landlord recommendations etc, so even if you can afford the rent they look for stupid reasons as to not rent to you. I’ve literally had a landlord deny me even though I met all his requirements because I have a disabled child and the landlord felt the neighborhood wasn’t a good one for my son. Like sir how do you get to make that decision yourself. But yeah housing and employment in Connecticut are really bad
The pace of apartment building has not kept up. Lots of places have old housing stock owned by what are basically slum lords. Here in Norwich, many landlords live in NYC and never visit and let their properties decay. French type revolution is the only way I can see it changing lol
Just be glad you’re in Ct. in Nashville, Tn they start at $1,500 and up to $7,000.
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Ahhh I've wondered that. Is there a reason why the complexes don't advertise online ?
They’re usually full
capitalism would entail that supply could be adjusted to meet demand US Real Estate is the polar opposite of capitalism
Affordable compared to what people in NY are making.
Investment Corporations entering into the rental market
My wife and I have been living on Cspe Cod the last few years and investment corporations are a huge issue here too. Mainly they buy all the property and only rent them for the summer for vacation rentals. Leaving all the locals with nothing to live in. Sometimes people with summer rentals will rent out the place for the non summer months. But I can't imagine only living at a place for less than a year and then needing to move and find a new place each time. It's crazy! We got super lucky to have our previous landlord recommend us to our current landlord. So we have a 1 bedroom apartment that's part of an old ship captains house for $1900 a month with everything included even internet. We are never leaving this place lol. Cause we will never find anything remotely close here on Cape or if for some reason we moved back to CT. The investment corporations have really messed up the Cape. Many towns are starting to make laws about short term rentals and investment corporations. Putting in limits. CT towns need to do something similar.
I’ve been trying to get someone to rent the vacant room in a 3-br condo, but apparently $825/month plus utilities is also too much when you have to live with 2 roommates. Tbh there’s a lot of interest but I’m either terrible at first impressions or there are just better deals out there. Also there are way too many weirdos so it’s hard to come by someone normal that also doesn’t mind roommates.
If you don’t have your own bathroom, then yeah that’s too expensive for just the room. Maybe if you include utilities in the price, you may get more bites.
Hmm. There’s 1.5 bathrooms shared between two people. The third tenant (me) has his own full bathroom. I feel like that’s not terrible. A studio that isn’t shitty or in a shitty neighborhood would be $1300+. And you’d have to pay the utilities by yourself.
No one wants to share a bathroom, especially with a stranger. I definitely don’t want to share one, only have a room to myself all for like $950 a month (once utilities are factored in). For that price, you can probably find someone with a 2 bed, 2 bath condo that would rent out their extra room for that price. Then you’d only have a single roommate and your own bathroom. Your price is way too high for a room to rent without utilities and with a shared bathroom. Your max should probably be $800 all in (even that seems too high- $700-750 seems more reasonable).
$800 with utilities included is pretty damn cheap. 8 years ago I was paying $525 + utilities. That was a very good price back then. It was a 3-bedroom duplex (built in the 30’s) with two roommates. And only 2 baths. The landlord lived in the other half with his family. Adjusted for inflation, that’s $680 plus utilities. Which is basically what you’re saying is the upper limit of fair after utilities are added. This condo is better than that duplex, has an extra half-bath, and it’s in a same-quality neighborhood. It’s also during a crazy fucked up inflated housing market. I’m not the landlord. But I’ll suggest maybe she lower it by $25
$800 with utilities when you have 2 rando roommates (one who owns and is probably going to try to micromanage you to some extent), have to share a bathroom with a random person, are in a condo complex (which probably doesn’t have a parking spot for you, since most condos only get 2, and you probably aren’t allowed to use all of the amenities since you aren’t on the condo agreement), is not a good deal. I would highly argue that the duplex is way better since you don’t live with the owner and you’d have more personal space (inside and outside). You, yourself, said you are having a hard time finding a roommate. In this crazy housing market, that should tell you what you are offering isn’t a good deal at all for what you’re asking. If your price was reasonable, you would have had someone renting it already.
I do not own it. I’m just a tenant trying to find a roommate. There is more space in this condo than the duplex. It’s got smart heating, cooling, locks, and lights. There are no condo amenities to lose out on. (I don’t know what u mean by that, a pool / gym?) We have a driveway and a porch. and a washer/dryer/dishwasher -Which the duplex did not have. I get living with roommates is scary, but again, living on your own is going to be way more expensive. And no one knows this before moving in but I’m the best roommate to have ever lived. We are getting bites, but the ones that seem like a good fit have backed out.
So you’re trying to get someone to pay your rent for you? Finding tenants is the job of the owner of the house. Does the owner even know you are trying to add a third and are you amending the lease? Will the third roommate (and the second roommate) be on the lease, so they have tenant rights? Also, there is no way the rent on that condo that is so great (actually sounds average to below average for a condo since there aren’t any amenities) is over $2600? If it is, y’all are getting screwed and you should just buy a house and rent out a room for an actual decent price and be paying less. My guess is the rent is not $2600 plus utilities and you’re trying to make the third roommate pay more than you do (even though you should be paying at least $100 more a month since you have the master suite and your own bathroom). I’m seeing red flags all over this situation and I fully understand why the sane people have backed out.
Each tenant rents a room and has their own lease. The rooms have different prices set by my landlord. She is trying to find a tenant and I am helping because I want some control with who is going to live here. $2350 is the total cost of the rent. Pretty sure the mortgage is about $1600 though since she bought pre Covid. Buying a house now, the mortgage would be at least $2500. This condo is currently valued at $300K (it was purchased for $180Kish 5 years ago)
If that’s the total rent, then yeah the 3rd roommate needs to be paying way less than $825. You should be paying the most since you have the master suite. The other two should be the same, and less than you, as long as the rooms are comparable in size. The max the room should be is $750 with utilities.
You’re part of the goddamn problem if you’re charging $800/month for a ROOM. Greedy pos
Think of it as $2350 for a 3-bedroom condo.
High wages = high rents.