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Market Report

New Haven Multifamily Market Report

2025 Investment Forecast

Development Continues to Reflect the
Importance of Transit as Investors Turn Further Afield

Vacancy low despite new supply pressure. While ridership on the Metro-North railine has yet to fully return to pre-pandemic levels, when it was the third-busiest commuter rail in the country, this has not deterred transit-oriented development in Southern Connecticut. More apartments were built from 2019 to 2024 in the Stamford-Norwalk area amid the health crisis than in the prior five-year span. Rental stock in the submarket has expanded 36 percent in the past decade — the most in the market. The majority of openings were within a few miles of Interstate 95, Route 1 or the railline. This trend is again apparent in this year’s openings, reflecting the importance of a throughline to New York City as well as the appeal of developed local town centers. Despite new supply pressure, Class A vacancy in the Stamford-Norwalk area was tighter exiting 2024 than in 2019. Overall vacancy was also low entering 2025 in New Haven County, standing at under 5 percent in the city proper and below 3 percent across the towns of Waterbury, Meriden and Hamden. Rents grew faster in these areas last year than in any other part of the market, yet monthly payments stayed the lowest in the region, providing options for necessity renters.
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