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 06153, located in Connecticut, is characterized by a fixed fair market rent (FMR) of $1650 for fiscal year 2024, indicating a stable benchmark for rental properties in the area. The absence of recent market rent data suggests either a lack of significant fluctuations or an underreported rental activity, which could imply that the local rental market closely adheres to the FMR without substantial deviations.
The missing percentage for price-cut share and days on market (DOM) signals a potential equilibrium between supply and demand, where neither landlords nor tenants are experiencing extreme pressures to adjust their offers or listings. This balance can be inferred from the lack of urgency reflected in the incomplete data points, suggesting a steady state rather than a rapidly changing market condition.
Absent median home values indicate a possibly limited dataset for homeownership metrics, which might reflect a smaller sample size or less active real estate transactions in the area. This could also point towards a market where rental housing is predominant, although the exact proportion of renters is unspecified due to the N/A% renter share. However, if we consider the N/A% as indicative of a high renter share, it implies that there is a sustained long-term pressure for rental housing, likely due to a combination of factors including affordability, employment opportunities, and lifestyle preferences.
In summary, ZIP 06153 presents a market in motion, albeit with a relatively stable trajectory. The reliance on rental housing and the adherence to the FMR suggest a market where demand meets supply without creating significant imbalances. Landlords and small-portfolio investors should focus on maintaining competitive rents around the FMR to ensure occupancy rates remain steady, capitalizing on the established rental preference of the area.
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.