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Market Report

Fairfield County Multifamily Market Report

3Q 2022

Near-Term Headwinds Present Challenges;
Long-Run Outlook Remains Favorable

Nearby demand drivers support positive long-term momentum. Though a contracting local employment base will contribute to rising vacancy, hiring velocity in New York is expected to continue at a rapid rate through the latter half of 2022. Much of Fairfield County's multifamily units are located along major interstate arteries, and commuters constitute a substantial portion of the renter base, due to the Metro-North Railroad. The growth of hybrid work culture may provide an additional backstop to rental demand, mitigating rising availability. Employees at Manhattan firms who were previously hesitant to pursue housing options in Fairfield County, due to a longer commute, could find suburban units more appealing when weekly trips to the office are reduced.

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