Connecticut ranks eighth in the nation for the cost of rental housing, according to the latest Fair Market Rent estimates for 2024.

In 2024, an estimated $1,170 was enough to pay for 40% of all studio apartments available in Connecticut, according to fair market housing data from the U.S. Department of Housing and Urban Development. Fair Market Rents are estimates of the amount needed to cover rent for 40% of rental units in a town, offering a standard for assessing housing affordability. When FMRs go up, the amount of financial help available to households increases too. HUD also sets income limits for who can qualify for these programs.

By the same measure, about 40% of all one-bedroom units in Connecticut can be had for an average of about $1,360. The rate for two-bedroom apartments is about $1,695, three-bedroom units is about $2,100 and four-bedroom apartments exceed $2,500.

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During the COVID-19 pandemic, rent growth slowed or dropped in many places, but in Connecticut, rents bounced back quickly. By the end of 2021, very few apartments were available, and rent prices rose fast. More people moved to the state, but fewer new apartments were built. Although rent increases slowed in 2022, there were still fewer available apartments. Cities like Hartford, New Haven, Norwich and Stamford all saw rents go up during this time.

Cost of rent in Connecticut is far higher than national average, Renata Daou, CT Mirror, September 27, 2024, available here