Rental Market Very Hot in Parts of Connecticut

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Bidding wars, busy showings and lots of frustration.

That’s what people are finding as they scramble to find an apartment with little luck in parts of the state.

“It’s very stressful because the availability is not there and if it is the prices are skyrocketed,” said Lisa Rock of Wallingford.

Rock looked for months for a one-bedroom apartment in the Wallingford area.

“There were several I put applications in and I set up appointments and I would be either en route or going the next day and the apartment would have been given away,” said Rock.

Across the country, the average rental price hit a two-year high in May according to Realtor.com.

And here in Connecticut experts say inventory is low in certain spots.

“It’s extremely busy. Good properties have multiple offers,” said Michelle Lorenzetti, a real estate investment broker in Bristol.

Lorenzetti helped explain what might be driving the demand.

“There’s a lot of competition because folks have sold their home and they are looking for a place to rent either temporarily or while they are doing something else,” said Lorenzetti.

For a while we’ve been hearing stories about how hot the housing market has been in the state.

The impact is far ranging, including keeping moving trucks steadily booked at Two Brothers Moving in Middletown.

“We are seeing incredible demand for moving into new homes and it’s been incredibly busy,” said Christopher Aresco, Two Brothers Moving owner.

In terms of the increased rental housing demand, the president of the Connecticut Apartment Association Kelly DeMatteo wrote in part:

“We need to continue to work on ensuring there is enough supply, which is an ongoing focus…with a goal of making sure developers can be successful in Connecticut.”

While Lisa Rock was finally able to snag a place recently, experts shared suggestions for those still on the hunt.

“You can offer more security deposit. You can offer a little higher rent. There’s lot you can do to make your application stand out,” said Lorenzetti.

The broker says while there are some signs the supply might be increasing she expects it to be tough as long as interest rates stay low and people keep buying homes.

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