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Market Report

New Haven Multifamily Market Report

3Q 2022

Builders Ramp Up Delivery Schedule Near the Coast;
Regionally High Yields Draw Investment

Developers shift into high gear along coastal zones. Southern New Haven County is on track to mark a historic construction year, with completion totals in the second quarter of 2022 alone exceeding the trailing five-year average. While a number of growing Yale-linked biotechnology and medical employers should support renter demand for these additions, the sudden acceleration in development will translate into an acute increase in availability during the second half. Beyond 2022, construction activity should exceed historical norms for the next two years, though development may ease in the long term. If Southwestern Connecticut continues to experience declines in the 20- to 34-year-old cohort — many of whom are relocating to other areas due to a high local cost-of-living — availability may return closer to pre-pandemic norms.
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