Searching for a rental can be challenging and somewhat stressful, especially if you're not familiar with the area. We can help.
Coldwell Banker Hickok & Boardman Realty is your go-to source for understanding the rental market in Chittenden County.
Rental Options are Increasing
The Allen, Brooks, and Minor June 2019 Report identified an anticipated 661 apartments will open in 2019. Assuming projects are completed on time, this year will be the second highest on record (behind 2016). The highest concentration of growth is expected to be in Burlington (217 units) and South Burlington (193 units). Together, these two communities account for 62% of the anticipated new apartment growth in 2019. Williston holds the third largest contribution at 96 anticipated units.
Low Vacancy Rates Make for a Tight Rental Market
Due to the completion of new construction projects, vacancy rates in Chittenden County have gradually decreased to 1.8% for the last 18 months - returning to rates seen in 2015 and 2016. With that said, the vacancy rate in Chittenden County continues to drag behind national averages near 4.8%. It is expected the rate will increase by the end of the year once the remaining anticipated 661 apartments become available to renters.
When should I start my rental search?
Typically, landlords require 30 or 60 days’ notice prior to vacating the property. Because of this, we typically recommend starting your search no earlier than 45 days prior to your desired occupancy. Because of the tight rental market, landlords are typically looking for immediate residency in their units and will not hold units for people who are looking to move in outside of a 60 day window.
Adjustments in Current Aging Rental Options
New construction projects have provided tenants with welcomed amenities such as: central air conditioning, covered parking, secure storage, in-unit washers/dryers, fitness rooms, tennis courts, outdoor pools, and clubhouses. These newer units have led competing landlords to consider strategies for attracting and retaining tenants. Some landlords opt to invest in renovations to modernize aging properties in response to changing expectations from tenants.
The below chart reflects rental rates in these newly constructed multi-story buildings which opened in the last three years.
Typical Rents for Newly Built Apartments*
|Studio, 1 Bath||$1,200 - $1,500|
|One Bedroom, 1 Bath||$1,300 - $1,700|
|One Bedroom + Den, 1 Bath||$1,600 - $1,675|
|Two Bedroom, 1 Bath||$1,600 - $1,960|
* Source: Allen, Brooks, & Minor Report - June 2019
Are You In Between Living Arrangements?
Are you looking for a temporary option between when you arrive in the area and your move in date? An Extended Stay Hotel might be a good option. They offer the comfort of a hotel stay at a discounted rate, designed for longer-term stays. We recommend the two options below. Tell them we sent you!Green Mountain Suites401 Dorset Street, South Burlington VT802-860-1212
Green Mountain Suites Website Townplace Suites by Marriott
66 Zephyr Road, Williston, VT 05495
Townplace Suites Website