New London County Connecticut Residential Rent and Rental Statistics
The median monthly gross residential rent in New London County CT was $1,140 in 2019 according to the Census ACS survey.1 Average gross rent in New London County was $1,138 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 New London County median and average rent data will be released in September of 2021.
Data is also available below for New London County rental vacancy rates, New London County rent as a percent of median income and the fraction of renters in New London County.
Real Gross Rent in New London County Connecticut (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Connecticut Median Gross Rent | $1,177 | -1.26% | +0.77% |
| New London County CT Median Gross Rent | $1,140 | +0.44% | +3.92% |
New London County CT Real Gross Rent Trends
Median gross rent for New London County peaked in real terms in 2008 at $1,178 and is now $38 (3.23%) lower. From a recent low of 1019.0 in 2012, real median gross rent has now increased by $121 (11.87%). At $1,138, real average gross rent in New London County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: New London County CT Median, New London County CT Average, Connecticut Median, US Median
Real Gross Rent History for New London County
| Date | US Median |
Connecticut Median |
New London County CT Median |
New London County CT Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,177 | $1,140 | $1,138 |
| 2018 | $1,077 | $1,192 | $1,135 | $1,092 |
| 2017 | $1,043 | $1,160 | $1,081 | $1,087 |
| 2016 | $1,027 | $1,168 | $1,097 | $1,079 |
| 2015 | $1,017 | $1,175 | $1,126 | $1,092 |
| 2014 | $986 | $1,136 | $1,059 | $1,018 |
| 2013 | $953 | $1,095 | $1,069 | $1,040 |
| 2012 | $940 | $1,084 | $1,019 | $1,036 |
| 2011 | $941 | $1,103 | $1,042 | $1,011 |
| 2010 | $955 | $1,108 | $1,067 | $1,096 |
| 2009 | $960 | $1,147 | $1,161 | $1,115 |
| 2007 | $927 | $1,094 | $1,060 | $1,036 |
| 2005 | $910 | $1,049 | $1,045 | $1,005 |
New London County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for New London County Connecticut was 4.63% according to Census ACS data.
Rental Vacancy Rate in New London County Connecticut
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Connecticut | 6.37% | +0.58% | +0.81% |
| New London County CT | 4.63% | -0.41% | -0.35% |
Trends in New London County CT Rental Vacancy Rate
The rental vacancy rate in New London County peaked in 2011 at 7.93%. Since then it has fallen by 3.30% to 4.63%. Data records for this series originated in 2005. From a 2017 post peak low of 2.80%, the rental vacancy rate has increased by 1.83%.
Rental Vacancy Rate: New London County CT, Connecticut, US
Historical Rental Vacancy Rate data for New London County
| Date | US | Connecticut | New London County CT |
|---|---|---|---|
| 2019 | 5.97% | 6.37% | 4.63% |
| 2018 | 6.15% | 5.79% | 5.04% |
| 2017 | 6.18% | 7.02% | 2.80% |
| 2016 | 5.89% | 5.56% | 4.98% |
| 2015 | 5.85% | 6.78% | 6.44% |
| 2014 | 6.32% | 6.72% | 6.43% |
| 2013 | 6.49% | 6.58% | 4.10% |
| 2012 | 6.77% | 6.97% | 6.85% |
| 2011 | 7.40% | 7.87% | 7.93% |
| 2010 | 8.17% | 7.09% | 4.84% |
| 2009 | 8.43% | 7.84% | 7.62% |
| 2007 | 7.87% | 7.33% | 6.73% |
| 2005 | 7.74% | 6.58% | 3.11% |
Rent as a Fraction of Income
Using median household income data for New London County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For New London County, median monthly gross rent as a fraction of median household income was 18.09% in 2019 according to the ACS.
New London County Connecticut Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Connecticut | 17.92% | -0.49% | -0.30% |
| New London County CT | 18.09% | -1.82% | +0.30% |
Trends in New London County CT Rent as a Fraction of Income
The fraction of median New London County household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 19.91%. Since then it has fallen by 1.82% to 18.09%.
Fraction of Income towards Rent: New London County CT, Connecticut, US
Historical Data for Annual Rent as a Fraction of Income in New London County Connecticut
| Date | US | Connecticut | New London County CT |
|---|---|---|---|
| 2019 | 20.03% | 17.92% | 18.09% |
| 2018 | 20.50% | 18.41% | 19.91% |
| 2017 | 20.13% | 18.20% | 17.47% |
| 2016 | 20.43% | 18.22% | 17.79% |
| 2015 | 20.63% | 18.64% | 19.36% |
| 2014 | 20.89% | 18.43% | 18.20% |
| 2013 | 20.78% | 18.60% | 19.37% |
| 2012 | 20.65% | 18.18% | 17.26% |
| 2011 | 20.70% | 18.63% | 17.87% |
| 2010 | 20.50% | 18.59% | 18.38% |
| 2009 | 20.12% | 18.01% | 19.06% |
| 2007 | 18.66% | 16.94% | 17.73% |
| 2005 | 18.89% | 16.52% | 16.93% |
Renter Fraction in New London County Connecticut
You can calculate the renter fraction in New London County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in New London County as a fraction of total New London County households. In 2019 35.02% of households were renters according to Census ACS data.
New London County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Connecticut | 34.97% | +0.77% | -0.26% |
| New London County CT | 35.02% | +1.17% | +1.19% |
Trends in the New London County CT Renter Fraction
At 35.02%, the 2019 household based renter fraction in New London County was at its highest level. The origin year for the series is 2005.
Fraction of Renting Households: New London County CT, Connecticut, US
History of New London County Renter Fraction
| Date | US | Connecticut | New London County CT |
|---|---|---|---|
| 2019 | 35.89% | 34.97% | 35.02% |
| 2018 | 36.05% | 34.20% | 33.85% |
| 2017 | 36.13% | 33.80% | 32.84% |
| 2016 | 36.88% | 35.23% | 33.83% |
| 2015 | 36.97% | 33.84% | 34.89% |
| 2014 | 36.90% | 33.62% | 33.20% |
| 2013 | 36.50% | 33.69% | 33.82% |
| 2012 | 36.09% | 33.09% | 34.54% |
| 2011 | 35.42% | 32.60% | 31.10% |
| 2010 | 34.65% | 32.03% | 31.54% |
| 2009 | 34.13% | 31.15% | 31.57% |
| 2007 | 32.80% | 29.97% | 29.32% |
| 2005 | 33.10% | 30.51% | 31.61% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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