Rents continue to rise in Chittenden County, according to real estate consulting company Allen, Brooks & Minor. For example, the one-bedroom apartment that fetched $888 a month in 2014 can now attract $1,033.
On the higher end, a three-bedroom apartment that cost $1,033 in 2014; now costs $1,855, according to Allen, Brooks & Minor data.
Executive-level apartments in expensive complexes — where exercise and dog washing facilities are included in the monthly rent — are collecting as much as $2,000 a month.
Our Realtors speculate that high rents could actually make the housing market attractive to potential first-time homebuyers who might want to stop paying high rent.
Also, newly constructed apartment buildings in Chittenden County are creating new housing stock that will better meet the needs of relocating professionals.
College students still dominate the rental market in the Burlington area, and student properties are still moving quickly, because they are a continuous source of revenue. With new housing options coming online for students, such as a 315-bed dormitory for Champlain College, demand for off-campus rentals may taper.