Average Apartment Rental Costs In Vernon Up Slightly

VERNON, CT — The monthly cost to rent an apartment in Vernon went up slightly in January, but it was not even close to the most expensive rate in the state, according to figures compiled by the service RentCafe.

Here is a comparative look at local average monthly rents in major north-central Connecticut markets for January:

• Vernon: Average rent is $1,244, up 0.7 percent
• Manchester: Average rent is $1,334, up 0.1 percent
• Enfield: Average rent is $1,311, down 0.2 percent
• East Hartford: Average rent is $1,051, up 0.3 percent
• Rocky Hill: Average rent is $1,326, down 0.4 percent

According to RentCafe, Stamford had the most expensive average rents in the state at $2,393 per month, while apartments in Waterbury have the cheapest rents at $950 per month.

The national average rent in January 2020 was $1,463, up 3 percent, or $43, compared to the same time last year according to data from Yardi Matrix data. Rents grew moderately into the new year, increasing by 3 perecent year-over-year, the slowest pace in 18 months, as the seasonal wind-down wears on through the winter, according to RentCafe.

Rents are likely to maintain an upward streak throughout 2020, as the number of renters continues to rise in the U.S., according to RentCafe. The demand for apartments is high, including among those renting by choice. A total of 157 percent more Americans who earn more than $150,000 per year began renting this past decade, shifting from homeownership to a more flexible and comfort-driven lifestyle, according to the survey.

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

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The data on average rents included in its reports comes directly from competitively rented (market-rate) large-scale multi-family properties (50-plus units in size), via telephone survey. The data is compiled and reported by Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multi-family, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically relevant stock of large-scale multi-family properties of 50-plus units.