An analysis by Market Watch revealed the cost of Connecticut rent was 3.8% higher than a year ago for the second straight month in June. That’s the strongest yearly price gain since 2007.
This coincides with a report released earlier this month in which AxioMetrics announced that Connecticut rents are continuing to increase in 2016. The report revealed:
- There was a 3.7% increase in effective Connecticut rents in the second quarter of 2016 as compared to the same period last year.
- That the effective Connecticut rent growth this quarter compared to last quarter was 2.3%.
- Annual effective rent growth was positive in the Connecticut market, based on number of units.
Here is a graph to illustrate the rate of increase over the last several years:
Bottom Line
With Connecticut rents continuing to rise and mortgage interest rates still at historic lows, meet with a real estate professional at Dave Jones Realty who can help determine if you could turn your monthly rental cost into a home of your own in Connecticut.
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