The 532 new units projected to open in 2023 is 53% higher than the average Chittenden County growth over the past 3 years, and 82% higher than the long-term average since 2000. Of the 532 expected units, 57% (304) are already completed as of June. For comparison, the total of new units constructed in 2022 was 291, a promising indicator.
| AVERAGE APARTMENT RENTS IN CHITTENDEN COUNTY | RANGE |
|---|---|
| Studio, 1 bath | $1,200 - $1,985 |
| 1 Bedroom | $1,400 - $2,100 |
| 2 Bedroom, 1 Bath | $1,700 - $2,300 |
| 2 Bedroom, 2 Bath | $1,950 - $3,300 |
Of the 532 units expected to open, 206 (39%) are projected to open in South Burlington. Essex/Essex Junction is expecting 96 (18%) units, followed by Colchester 78 (15%), and Burlington 72 (13%). The rest are opening in Shelburne, Williston, and Milton. Most of the new units are identified as market rate units with a growth in “Affordable, Family” units over the prior year.
The apartment vacancy rate in Chittenden County increased slightly for the first time since the June 2020 report to 1%. For comparison, the national average is just under 5%.
Due to limited inventory, the average monthly rent has continued to increase, with the average cost of a 2-bedroom being reported at just over $1,600 a month as of the latest rent survey* with a more typical cost hovering around $2,000 per month.
As with the residential housing market, the need to act quickly is now more important than ever. Landlords do not hold apartments, the first person to provide the necessary deposit and signed lease are the ones who secure the apartment. Unfortunately, renters often must push their wants to the side and focus on their needs to find a rental option within the timeframe they require.
Source: Allen, Brooks, & Minor Report, June 2023