Chittenden County Rental Market

Church Street Marketplace in downtown Burlington

In 2022, 291 new units were brought to market. In 2023, 501 apartment units are scheduled for completion. As of December 2022, nearly 80% of these were already under construction as they are slated to open in the first half of 2023. While this new product is positive, the increase in available units is not expected to substantially impact the vacancy rate. Demand continues to put pressure on the available supply.

Construction projects planned for Burlington, South Burlington, and Colchester account for almost 64% of total unit growth. Of these units, 80% of them will be rented at the Market Rate. No senior housing was constructed in 2022, but 23 units of market rate senior rentals are expected to be completed in 2023.

Average monthly rent increased 5.5% from 2021 to 2022; up from 2.7% during the prior timeframe.Source: Allen, Brooks, & Minor Report, December 2022

Source: Allen, Brooks, & Minor Report, December 2022