For the third quarter in a row, the New Haven area has the lowest apartment vacancy rate among the 79 U.S. metro areas tracked by Reis Inc., a real estate research firm.
New Haven apartment vacancy rate was 2.2 percent at the end of 2013, down 0.4 percentage point from a year ago. Average rent rose 2.5 percent to $1,154.
The Hartford area also ranked high on the list, coming in at number six. Hartford has a 2.8 percent vacancy, down 0.4 percentage point from a year ago. Average rent rose 1.8 percent to $1,013 in the same period, according to Reis.
What does all this mean? If you're thinking about investing in real estate using the "Buy & Hold" Strategy, Hartford and New Haven are the places to do it because the demand for rental housing is very high.
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