The rental vacancy rate declined from 4.4% in December 2016 to 2.5% in June 2017

South Village Rental Units in South Burlington. | SouthVillage.com

The rental market in Chittenden County is rapidly changing due to a surge of newly constructed apartment buildings.

With almost 700 newly constructed apartment units coming online in 2016, the rental market is showing more favorable signs for renters. A slight increase in the vacancy rate is giving renters more options in their apartment searches, while also prompting some landlords to offer more flexible terms or incentives to attract new tenants – most often in the “off season”.

New rental buildings include Bartlett Brook, a 63-unit building in South Burlington, and the 67-unit Bayberry Commons in Burlington. South Village, a community of single family homes and townhomes in South Burlington, also offers a limited number of townhomes for lease. Demand has been high for these spacious two level units with private entrances and underground parking.

Our Rental Specialist is forecasting that rent increases will moderate in 2017. Rents may decline on some older apartments that lack the amenities offered by newer competition. It’s likely that the pressure on rents will continue throughout the year, given that another 323 apartment units are projected to come on the market in 2017, according to real estate consulting company Allen & Brooks.

Even though the vacancy rate has eased, our Rental Specialist continues to recommend an apartment search no more than 30 to 45 days before a move.

The following are some trends that are impacting the rental market:

Decline in Vacancy Rate
The vacancy rate declined from 4.4% in December 2016 to 2.5% in June 2017, according to Allen & Brooks. While this is a slightly higher rate than past years, it remains a competitive market for renters.

Wider range of choices

The construction surge means renters have more options than in previous years. The newly constructed buildings typically have higher rents, yet some renters prefer them because of the amenities, such as parking, gyms, recreation trails, storage, pet grooming, and swimming pools.

Because our rental expert has extensive contacts with landlords, Realtors, and associations, Coldwell Banker Hickok & Boardman Realty is well positioned to help clients find the most recent properties on the market.