The rental market remains competitive despite an increase in newly constructed apartment buildings. Because available apartments are leased quickly due to strong demand, our Rental Specialist recommends starting an apartment hunt no more than 30 to 45 days before a move.
The Vacancy Rate Is Easing
The vacancy rate stood at 2.1% in June, significantly higher than the rates seen in 2010-2014, when it averaged about 1.4%, according to real estate consulting firm Allen & Brooks. With more than 3,000 new apartments being constructed across Chittenden County, there will be more options for renters, including some new affordable housing and age-restricted rentals. Almost 600 new apartments will open in 2016 alone, Allen & Brooks forecasts.
More Choices for Renters
The burst of new construction is providing more choices to renters, such as whether to opt for a newly constructed apartment or an older home in neighborhoods such as Burlington’s Old North End, according to our Rental Specialist. Newer buildings may be slightly more expensive, but also can include modern amenities and conveniences, such as fitness rooms and pet friendly policies, that older properties do not.
Stabilizing Rents
Monthly rents are stabilizing, thanks to the slightly higher vacancy rates and newly constructed apartment buildings. The rate of increases should moderate in the near future, after several years of rates increasing at more than 2% annually, Allen & Brooks notes.
Plan for a 30-45 Day Search
Renters should plan to begin their search for a new apartment about 30 to 45 days before they move, according to our Agents. Finding a rental can be competitive, even with the higher vacancy rate.
Revitalized Neighborhoods
Revitalization is bringing new residents to older neighborhoods and towns, such as Winooski and the Old North End of Burlington. Winooski has earned a reputation as “The Brooklyn of Vermont” because of its excellent new restaurants and more affordable rents than neighboring Burlington. Both areas are seeing new construction, such as the Silversmith Commons and Maiden Lane Apartments in the Old North End and Riverrun in Winooski.
Because our rental expert has extensive contacts with landlords, Realtors and associations, Coldwell Banker Hickok & Boardman is well-positioned to help clients find the most recent properties on the market.
Chittenden County’s Rental Market Insights
- The county’s vacancy rate is 2.1%, significantly below the national average of 4.4%.
- Rents have increased by more than 2% annually since 2011.