Renters in Norwich-New London Metro saw apartment listing prices increase from March’s average of $1,489, an analysis of new data from Apartment List shows.
The average apartment listed for rent at $1,517 in April. Average listing prices in Norwich-New London Metro are trending 1.8805% upwards from March’s $1,489 price, flat to this time last year.
The data is inclusive of all bedroom sizes, from studios to three-bedroom units, so while it is a good indicator of how rents are moving in the area, it does not include single family homes for rent, said Chris Salviati, senior housing economist for Apartment List.
One-bedroom apartments listed to rent at an average of $1,240, ​1.8062% higher than March, when they were $1,218. .
Two-bedroom apartments listed for rent were 1.8626% higher than March at an average of $1,586, compared to $1,557. .
Statewide, Connecticut rental listing prices are slightly higher than March’s average of $1,686. In Connecticut, one-bedroom rentals were listed for an average of $1,402, slightly higher than March’s average of $1,396. Two-bedroom rental listing prices are trending slightly higher than March’s average of $1,768 at $1775.
In Norwich-New London Metro, the average apartment listed for rent is 10% below the state average. One-bedroom rentals were 12% below the state average, while two-bedrooms listed 11% below.
Nationwide, apartment rental listing prices slightly increased from last month’s $1,384 to $1,392. One-bedroom rentals across the nation listed for an average of $1,223, just higher than last month’s average of $1,216, while two-bedroom rental listing prices slightly rose from last month’s average of $1,370 to $1,378.
In Norwich-New London Metro, the average apartment listed for rent is 9% above the national average. One-bedroom apartment rentals listed 1% above the national average, with two-bedroom rentals listed 15% above.
The average apartment rental prices used in this report are gathered from Apartment List, which estimates the median rent using median rent statistics from the Census Bureau’s American Community Survey and a growth rate calculated from their listing data. Read more about their rent estimate methodology here.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Apartment List. Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us.
This article originally appeared on The Bulletin: Norwich-New London Metro apartments for rent saw price increases in April