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Market Report
New Haven-Fairfield County Multifamily Market Report
2025 Investment Forecast
Transit Access Still Important for
Development as Investors Look Afield
Despite new supply pressure, vacancy is low. Over the past decade, local rental stock has expanded the most in the Stamford-Norwalk area — up 36 percent in that span — with development accelerating in recent years. More apartments were built from 2019 to 2024 here, amid the health crisis, than in the prior five years; however, local Class A vacancy was 70 basis points tighter in late 2024 than in 2019. A key factor aiding demand for these rentals has been transit access. The majority of post-pandemic openings were within a few miles of Interstate 95, Route 1 or the Metro-North rail line. While ridership on the line has yet to fully return to pre-pandemic levels, it is still among the country’s busiest commuter rails. This trend reflects the importance of access to New York City, as well as the appeal of developed local town centers. Further north, overall vacancy in New Haven County was also low entering 2025, standing at under 5 percent in the city proper and 3 percent across the towns of Waterbury, Meriden and Hamden. Rents grew faster in these areas last year than elsewhere in the market, yet monthly payments stayed the lowest in the region, providing options for necessity renters.