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Form684 t1_j627edl wrote

Reply to comment by Extreme_Disaster2275 in CT lost thousands of people to other states last year, Census Bureau says by gewehr44

The issue with the CT rental market is that it’s gonna cost you at $300 a square foot to build which puts you in the 2000-3000 dollar range. Lands expensive and towns don’t let you build.

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Delicious_Score_551 t1_j62n7sz wrote

^ This is the truth. Land is very expensive in the most desirable towns. Vacant 1 acre lots in my town are like $200-300k. Add an average size home (~2k-2.4k sf) built to current building codes, and it's immediately a $500-600k home.

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Extreme_Disaster2275 t1_j63i87f wrote

Why do we need to build more units if the population is supposedly dropping?

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Whaddaulookinat t1_j65bslx wrote

>Why do we need to build more units if the population is supposedly dropping?

It's dropping in the places that are already having population decline, increasing where the majority of residents already are.

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Extreme_Disaster2275 t1_j65mwpv wrote

It's not that big a state. Commuting is a thing. But if your take is accurate, rents should be dropping in places where population is declining. It isn't. It's rising everywhere.

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Form684 t1_j63l2id wrote

The number of people per house/unit is going down so more people are living by themselves.

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Extreme_Disaster2275 t1_j63mgmg wrote

That doesn't jibe with rents doubling. Where are these singles getting the money to pay $2k for one bedroom? Especially if companies are leaving the state and cutting jobs.

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Form684 t1_j63nosr wrote

It does jive with rents going up, less supply more demand, also the effects of the pandemic are still lingering on the rental market. Clearly people are paying it, wether they are over extended is another story.

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