Fairfield County Multifamily Market Report

Higher end of the market gathering momentum. Vacancy for Class A and B apartments in Fairfield County fell to 3.5 percent and 3.1 percent, respectively, in March — down more than 200 basis points over the past two years. Tightening availability among the county’s mid- and upper-tier rentals, in turn, facilitated double-digit year-over- year rent growth for these classes in certain submarkets. Renter demand is being aided by a growing workforce. More people were employed in Fairfield County as of this spring than at any point since 2000. Recent hiring was most prominent among the education, health care and professional services sectors, which include some high-skill ceiling roles. While vacancy has also lessened among Class C rentals, upward rent momentum is less pronounced in the sector.