New Haven Multifamily Market Report
Logistics, Education Employment Stimulates Rental Demand;
Builders Target Core Locales
Varied job performance poses demand implications. The travel, transportation and utilities, as well as the education and health services, sectors each reported a net gain of more than 1,000 positions during the first half of 2023. This hiring momentum should facilitate a backstop for rental demand in the workforce segment and in relatively lower cost areas of the market. Some attrition among traditional office-using employers, however, could dampen household formation among higher-income renters. At the same time, steep barriers to local homeownership should continue to provide reinforcement for luxury apartment demand. This was reflected in Class A vacancy declining on a quarterly basis during the April through June period.