New London, Connecticut Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the New London, Connecticut rental market.
Highlights
An apartment for rent in New London, Connecticut typically goes for $1,731 per month, while a single-family home for rent in New London, Connecticut has a monthly cost of around $1,825. Renter-occupied units make up 59% of the local housing market, while the rental vacancy rate in New London, Connecticut is at 2.7.
New London, Connecticut
Average Apartment Rent
$1,731
Y-o-Y Change in Average
Apartment Rent
8%
Average Single-Family Rent
$1,825
As of November 2024
Compared to a year ago, New London, Connecticut apartments have recorded a 8% rent increase.
New London, Connecticut Average apartment rent trend
New London, Connecticut Average Apartment Rent
New London, Connecticut Apartment rent ranges
At 79.15%, apartments priced $1,500 - $2,000 represent the bulk of New London, Connecticut rentals, while condos priced Over $2,000 hold the lowest share of the market – 8.36%.
New London, Connecticut Housing tenure**
Renters take up 59% of New London, Connecticut real estate, occupying a total of 6,553 units, while homeowners live in 4,572 properties.
Median number of rooms of renter-occupied housing units**
3.9
Renter median household income**
$40,988
Average household size of renter-occupied housing units**
1.94
Rental vacancy rate**
2.7%
New London, Connecticut Renter-occupied housing units by no. of bedrooms**
There are 2,590 rentals in New London, Connecticut with 2 beds making up the highest share of the market, at 40%. Units with 4 beds, on the other hand, hold the lowest percentage (2%), amounting to 134 units. Overall, the median number of rooms in New London, Connecticut homes for rent is 3.9.
New London, Connecticut Renter-occupied units by age of householder**
Most condos for rent in New London, Connecticut are occupied by residents in the 35 - 44 years age group (25%), followed by those in the 25 - 34 years age group (23%). At the same time, people in the 75 - 84 years age group make up the lowest share of the local rental market – 2%.
New London, Connecticut Renter-occupied housing units by family type**
New London, Connecticut Renter-occupied housing units by the presence of own children**
A total of 2,672 apartments for rent in New London, Connecticut, or 41% of all rentals are family households. Additionally, 25% of rental homes include children under the age of 18 – that’s 1,622 units. All in all, the median size of a renter-occupied household in New London, Connecticut is 1.94.
New London, Connecticut Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 21% of the rental market. In contrast, residents with less than a high school degree reside in 16% of the homes for rent in New London, Connecticut.
New London, Connecticut Renter-occupied units by year structure built**
The highest share of New London, Connecticut apartment rentals, namely 41% or 2,698 units, were Built 1939 or earlier, followed by those Built 1960 - 1969 (14%, 945 units), and the ones Built 1970 - 1979 (12%, 813 units).
New London, Connecticut Renter-occupied units by year householder moved in**
Median year renter moved into unit 2016
Most New London, Connecticut renters (47%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their New London, Connecticut condos for rent is 2016.
New London, Connecticut Renter-occupied housing units by vehicles available**
When it comes to transportation options, 54% of New London, Connecticut renters have 1 vehicle available per household, 24% of them have No vehicle available, and 19% have 2 vehicles available.
New London, Connecticut Means of transportation to work of householders living in renter-occupied housing units**
New London, Connecticut Geographical mobility in the past year for householders living in renter-occupied housing units**
New London, Connecticut Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all New London, Connecticut apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
