Best places to buy rental properties in Connecticut

January 10, 2022
● Written by
Teddy

Connecticut

Investing in Connecticut

Connecticut has low crime and dozens of large companies, making it a place you should definitely consider when thinking about buying your next rental property investment. With relatively affordable properties, rapidly appreciating property values, and a high population of renters, Connecticut is a particularly attractive state for new landlords.

The Nophin team crunched the numbers and found the five best places to invest in Connecticut rental properties.

Statewide vacancy rates

CT Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Hartford, CT

Hartford is the capital city of Connecticut and well known for its rich history. The city is also considered the World's Insurance Capital.

  • Population: 121,054
  • Median household income: $36,154
  • Median 1-bedroom monthly rent: $1,250
  • Median listing home price: $194,900

New Haven, CT

New Haven is home to Yale University, one of the premier universities in the world. New Haven can be a good place to invest in student properties.

  • Population: 134,023
  • Median household income: $44,507
  • Median 1-bedroom monthly rent: $1,795
  • Median listing home price: $260,000

Stamford, CT

Stamford is one of the wealthiest cities in the US and home to three Fortune 500 companies including Charter Communications (69), Synchrony Financial (236), United Rentals (363).

  • Population: 135,470
  • Median household income: $96,885
  • Median 1-bedroom monthly rent: $2,494
  • Median listing home price: $649,000

Waterbury, CT

Waterbury is a city famous for its historic brass industry and extensive waterways. Nearly 60% of Waterbury's residents are renters so there's significant data around the consistency of rent collection.

  • Population: 114,403
  • Median household income: $46,329
  • Median 1-bedroom monthly rent: $1,000
  • Median listing home price: $205,000

Bristol, CT

Bristol is a predominantly residential city is a home to America's oldest operating amusement park, Lake Compounce (opened 1846).

  • Population: 60,833
  • Median household income: $68,485
  • Median 1-bedroom monthly rent: $1,025
  • Median listing home price: $259,900

Nophin is landlord banking and software for rental properties

With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources. Image by John9474, CC BY-SA 4.0.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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