In a recent New York Times article, Connecticut’s Fairfield County was profiled as an area of “rental rebound”, where new apartment construction is currently in demand by eager potential tenants. As the recession has left a sharp dent in the construction of new multi-family properties, it is interesting to consider the characteristics of Fairfield County that have led to their rental market rebound.
The article explains that Fairfield County has seen such a sharp increase in renter interest primarily because of the county’s close proximity to New York City. The county is an ideal location for the majority of commuters that are not yet prepared to commit to a mortgage, but can no longer afford the notoriously expensive NYC lifestyle. In fact, Fairfield developers are stating that the recent influx of tenants has forced them to push up move in dates for their newly constructed 225 and 335 unit buildings.
Another reason why Fairfield County has attracted tenant attention is because of the price of schooling in this area. As a result of the recession, many parents can no longer afford to send children to private schools in New York City and chose to move to a location with high quality public schooling options.
Fairfield is not the only city suburb that has seen a recent growth. AgentGenius.com has deemed certain suburbs of Houston, Raleigh, Atlanta, Sacramento, Dallas, and Nashville to be among the most “recession resistant” suburbs in the nation.