New Haven Multifamily Market Report

Varied job performance poses implications for rental demand. The travel, transportation and utilities, and education and health services, sectors each reported a net gain of more than 1,000 positions during the first half of 2023. This should facilitate a backstop for rental demand in the Class C segment. Some attrition among traditional office-using employers could dampen household formation among higher-income renters. Still, steep financial barriers to local homeownership should continue to facilitate an important backstop for luxury apartment demand, as Class A vacancy declined on a quarterly basis during the second quarter of 2023.