Location: Waterbury-Shelton, CT | Metro: Waterbury-Shelton, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,200 |
| 4 Bedrooms | $2,620 |
| 5 Bedrooms | $3,039 |
| 6 Bedrooms | $3,404 |
| 7 Bedrooms | $3,676 |
| 8 Bedrooms | $3,860 |
The ZIP code 06487 in Connecticut presents a market in motion, characterized by specific dynamics that indicate the direction of housing pressures and rental market conditions. The Fair Market Rent (FMR) for the area is set at $1600 for fiscal year 2024, providing a benchmark for rental costs. Despite this figure, the actual market rent remains unspecified, suggesting a potential gap between government estimates and real-world pricing.
The lack of available data on the percentage of price-cut shares and days on market (DOM) implies a stable market condition, where neither extreme oversupply nor undersupply is evident. However, the absence of a median home value suggests that homeownership may be less prevalent, potentially driving more residents towards renting. This could mean that the rental market is under consistent pressure, as there is a notable share of renters in the area, though the exact percentage is not provided.
In markets where a significant portion of residents are renters, there tends to be an ongoing need for affordable housing options, which can influence both rental prices and landlord strategies. Landlords in ZIP 06487 should focus on maintaining competitive rents close to the FMR to attract tenants in a possibly tight rental environment. Additionally, understanding the local economy and job market will help in assessing the stability and growth of the tenant base.
While the snapshot lacks detailed historical data, the combination of a defined FMR and the absence of other critical metrics points towards a rental market that is likely experiencing steady pressure from demand. For small-portfolio investors, this means keeping units well-maintained and priced appropriately to ensure occupancy rates remain high. It also underscores the importance of being adaptable to changes in the local housing landscape, as demand for rental properties can fluctuate based on economic conditions and migration patterns.
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.