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Market Report

New Haven Multifamily Market Report

2Q 2023

Consistent Demand Drivers Help Bolster
Leasing Activity Amid Rising Uncertainty

Education and healthcare bases support stable demand. Fallout from the Silicon Valley Bank collapse is generating headwinds for New Haven’s biotech segment, with growing lender hesitancy beginning to impede sector performance. Jobs from firms that operate in this sector have been an important source of Class A apartment demand in recent years, and a slowdown may drive up luxury availability. Still, the metro’s prolific academic institutions and associated medical systems facilitate an important backstop for renter demand. Entering March, the 108,400 jobs comprising the education and health services sector represented nearly 30 percent of the market’s employment base. This is well over the 16 percent of positions this segment composes nationwide. In 2022, Yale New Haven Health announced plans to purchase three other Connecticut-based hospitals, underscoring the current performance of local healthcare providers. 

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