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Market Report

Fairfield County Multifamily Market Report

2Q 2024

Renting Becomes More Prominent Among Residents,
Justifying New Apartment Deliveries

Housing market shift expands renter base. As recent as in 2019, it cost less to make a mortgage payment on a median-priced home than to rent a local top-tier apartment. However, that dynamic inverted with the ramp-up in mortgage rates in recent years, which has been compounded by record home prices amid limited for-sale inventory. This dynamic is increasing the prevalence of renters at top-tier properties. Class A vacancy in March was 20 basis points under the level from five years ago, despite stock growing 11 percent over the frame. Luxury demand is strong in Downtown Stamford, revealing renter preferences for more urban areas. Stamford's core posted decade-long high net absorption at over 900 units in the year ended in March. This may factor into reducing near-term volatility from new supply, as the city is slated to host 40 percent of this year's pipeline.

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