The rental market has been pretty hot in the past year. The rental market in Norwalk is also very strong.
Tenants saw the average price of rentals drop when the real estate bubble burst, but it has been slowly gaining strength since 2009, and rental rates are still creeping up. Rental rates in Norwalk and in lower Fairfield County are increasing roughly 3% per year depending on the town and location.
Tenants don’t have to be too worries though as new construction rates have crept up to meet some of the demand.
There are many reasons why the rental market has stayed strong. Part of it has to do with our uncertain economic situation and fear that we are in for a double-dip recession. Another part is that it has been harder for would-be buyer’s to come up with the necessary down payment in order to buy a property.
To read more about the strengthening rental market in an article from DSNews.com, CLICK HERE.
As always, feel free to CONTACT TODD anytime with any questions.