Location: Hartford-West Hartford-East Hartford, CT | Metro: Hartford-West Hartford-East Hartford, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,340 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
The market in ZIP code 06147, located in Connecticut, presents a dynamic landscape that is indicative of shifting trends in housing demand and supply. The Fair Market Rent (FMR) for the area stands at $1650 for fiscal year 2024, which suggests a baseline for rental pricing that landlords should consider when setting their own rates.
Despite the FMR being established, the lack of data on current market rents, days on market (DOM), and median home values indicates a limited supply of recent sales and rental listings. This absence of current transaction data could imply that the supply of properties is constrained, leading to potential challenges in accurately gauging the true market conditions.
The undefined percentage of price-cut share and DOM also point towards a market that is not heavily saturated with listings, suggesting that there may be a relative balance or slight tilt towards demand. When fewer units are available for extended periods, it often means that the market is tight, and competition among renters can drive up the asking prices closer to or above the FMR.
A key consideration for long-term housing pressure is the undefined percentage of renters in the area. While the exact figure is not provided, understanding the proportion of renters versus homeowners is crucial. A higher renter share typically signifies greater long-term housing pressure, as renters represent a continuous flow of demand that can be sensitive to economic changes and fluctuations in job markets.
In summary, ZIP 06147 appears to be a market characterized by a defined FMR but with limited current transaction data, indicating a potentially tight rental market. The dynamics suggest that landlords and small-portfolio investors should closely monitor local economic indicators and the availability of rental units to make informed decisions about their investments.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.