Despite hot housing market, Greater Hartford apartment boom rolls on

Major newly constructed or proposed apartment projects have been springing up across the region in recent months, whether it’s in the suburbs of Farmington and Bloomfield or the cities of Hartford and New Britain, a sign that developers still have significant appetites for new market-rate and highly-amenitized rental units.

According to CoStar, 2020 saw the net delivery of nearly 1,100 new apartment units in the Greater Hartford market. It’s not an earth-shattering number; it’s down from 1,300 units in 2019, but experts say the fact the region nearly matched the trailing five-year average number of new units during the pandemic is a sign of the sector’s strength and resilience. Meanwhile, vacancy rates remain in the single digits overall.

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