The rental market in Greater Greenwich continues a gentle four year lift in number of leases and average lease rates. In 2016 there were 808 rentals with an average lease rate of $5,500 per month. Of those leased, 45% were single family, 25% were condominiums, 15% were multi-family units, and 11% were apartments. Single family rentals averaged $8,235 per month while condominiums were a more affordable $3,940 per month. Greater Greenwich is home to 62% of those homes rented, with Old Greenwich and Riverside each comprising about 15% of the market and Cos Cob about 8% of the market. Lease terms were predominantly long term (83%) and flexible (13%), with a few advertised as short term or summer rentals. The homes averages 2,500 square feet, with single family home rentals averaging 3,320 square feet.
Why is the rental market maintaining momentum? Perhaps (i) some renters were tentative to buy in 2016, (ii) Millenials see the value of living in Greenwich but cannot quite yet afford to buy the house they want and (iii) home buyers are maintaining liquid assets so they can be cash buyers in the more competitive home sizes and price ranges. With healthy rental rates rising, the renters are potential purchasers. Be prepared. We are receiving calls from people preparing to buy in the Spring Market.
Call me to discuss your target range.