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Already Steady Hartford Occupancy Makes More Progress

Already Steady Hartford Occupancy Makes More Progress

While Hartford occupancy historically runs consistently over the essentially full threshold, rates got even better recently, pushing rent growth forward. It’s common for Hartford to operate with limited vacancies. Occupancy has averaged at 96.2% over the course of the past five years. As of September, occupancy was even stronger at 98%. This is the best showing Hartford has seen since the first season of Gilmore Girls ended in 2001. A steady occupancy performance in Hartford doesn’t generally translate into much rent growth. Over the past five years, annual effective asking price increases averaged at about 2.4% in Hartford. The recent occupancy performance in Harford did allow for rent growth to push to a recent high of 7.9%. However, while solid for the market, that is still well behind the national norm of 12%.