Special Report

Bridgeport-Stamford-Norwalk, CT Has Some of the Highest Rents in the Nation

Rents across the country have gone through a period of historical growth in the past two years. According to real estate research firm CoStar Group, rents in the U.S. rose 11.3% last year. In contrast, over the previous five years, gross rents increased by 18.1%.

Rising rent prices are the result of soaring inflation and a squeeze on inventory. This lack of supply relative to demand comes as the number of people seeking to rent has increased substantially during the pandemic, while the number of available properties has been limited by shortages of building materials and other delays in construction resulting from the pandemic.

According to the most recent available data from the U.S. Census Bureau’s American Community Survey, the median gross rent price in the United States is $1,096. In some major metropolitan areas, however, rent prices are far higher.

In the Bridgeport-Stamford-Norwalk metro area, located in Connecticut, the median monthly rent price is $1,511 – 37.9% higher than the national average and among the highest of any U.S. metro area.

Rent prices are partially a reflection of real estate and home values in a given area. And just as rent prices are higher than average in Bridgeport, so too are home values. The typical home in the metro area is worth an estimated $433,000, compared to the national median home value of $229,800

All data used in this story on rent prices and home values are five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey.

 

Rank Metro area Median monthly rent ($) Median home value ($) Share of housing units occupied by renters (%)
1 San Jose-Sunnyvale-Santa Clara, CA 2,365 1,041,800 43.4
2 San Francisco-Oakland-Berkeley, CA 2,021 888,500 45.0
3 Oxnard-Thousand Oaks-Ventura, CA 1,854 609,200 36.7
4 Santa Cruz-Watsonville, CA 1,843 787,000 39.7
5 Urban Honolulu, HI 1,779 702,300 42.5
6 Napa, CA 1,775 666,900 35.2
7 Santa Rosa-Petaluma, CA 1,743 640,000 38.7
8 San Diego-Chula Vista-Carlsbad, CA 1,732 595,600 46.1
9 Washington-Arlington-Alexandria, DC-VA-MD-WV 1,718 436,600 36.1
10 Santa Maria-Santa Barbara, CA 1,697 610,300 47.7
11 Vallejo, CA 1,684 437,900 37.9
12 Los Angeles-Long Beach-Anaheim, CA 1,624 641,300 51.3
13 Salinas, CA 1,600 559,400 48.2
14 Seattle-Tacoma-Bellevue, WA 1,589 471,900 39.8
15 Boulder, CO 1,582 539,100 36.4
16 Boston-Cambridge-Newton, MA-NH 1,555 461,500 38.3
17 Kahului-Wailuku-Lahaina, HI 1,543 657,400 37.5
18 San Luis Obispo-Paso Robles, CA 1,535 605,200 37.3
19 Bridgeport-Stamford-Norwalk, CT 1,511 433,000 33.3
20 New York-Newark-Jersey City, NY-NJ-PA 1,483 465,400 48.4
21 Denver-Aurora-Lakewood, CO 1,446 411,800 35.2
22 California-Lexington Park, MD 1,436 318,500 29.7
23 Miami-Fort Lauderdale-Pompano Beach, FL 1,408 298,400 40.2
24 Riverside-San Bernardino-Ontario, CA 1,387 360,100 35.9
25 Naples-Marco Island, FL 1,374 366,600 25.6
26 Sacramento-Roseville-Folsom, CA 1,364 412,400 38.8
27 Barnstable Town, MA 1,362 414,000 20.4
28 Bremerton-Silverdale-Port Orchard, WA 1,349 362,700 31.9
29 Portland-Vancouver-Hillsboro, OR-WA 1,345 392,000 37.7
30 Fort Collins, CO 1,340 390,600 33.7
31 Austin-Round Rock-Georgetown, TX 1,326 303,300 41.4
32 Baltimore-Columbia-Towson, MD 1,324 307,200 33.4
33 Trenton-Princeton, NJ 1,311 290,100 36.5
34 Bend, OR 1,306 389,300 32.1
35 Fairbanks, AK 1,297 240,300 41.1
36 Stockton, CA 1,286 367,900 42.3
37 Anchorage, AK 1,277 301,100 34.4
38 Olympia-Lacey-Tumwater, WA 1,275 315,600 34.0
39 Orlando-Kissimmee-Sanford, FL 1,273 242,100 38.1
40 Poughkeepsie-Newburgh-Middletown, NY 1,267 284,300 32.0
41 Charlottesville, VA 1,260 304,700 36.2
42 North Port-Sarasota-Bradenton, FL 1,259 261,100 24.9
43 Burlington-South Burlington, VT 1,248 285,200 33.2
44 Midland, TX 1,239 231,100 33.2
45 Colorado Springs, CO 1,232 300,400 34.2
46 Cape Coral-Fort Myers, FL 1,225 235,300 27.3
47 Manchester-Nashua, NH 1,217 287,900 34.3
48 Modesto, CA 1,210 314,100 41.3
49 Atlanta-Sandy Springs-Alpharetta, GA 1,205 233,700 35.8
50 Hilton Head Island-Bluffton, SC 1,203 295,000 25.4

 

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