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Market Report

New Haven Multifamily Market Report

2Q 2023

Consistent Demand Drivers Bolster Fundamentals
Amid Economic Uncertainty and Supply Gains

Market’s education, healthcare bases support stable demand. Fallout from the Silicon Valley Bank collapse is generating lender uncertainty and headwinds for the biotech sector, which has a strong presence in New Haven. Jobs from these firms have been an important source of Class A apartment demand in recent years, and a slowdown may drive up luxury availability. Still, the metro’s prolific academic institutions and associated medical systems facilitate an important backstop for renter demand. Entering March, the 108,400 jobs comprising the education and health services sector represent nearly 28 percent of the market’s employment base. This is well over the 16 percent of positions this segment composes nationwide. In 2022, Yale New Haven Health announced plans to purchase three other Connecticut-based hospitals, underscoring the current performance of local healthcare institutions. 
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