Rental Market for New London County

3 Replies

I looked at the last year of rentals on the MLS in New London county and ranked the towns based on Avg Days on Market, Rent amount, Rent/List ratio. What do you think?:

Town Avg Days on Market # of Rentals Avg Rent/List Avg Rent My Rank
Ledyard 35 24 99.9% $1,486.46 1st
Montville 32 34 99.9% $1,320.44 2nd
Colchester 31 43 99.5% $1,364.88 3rd
Stonington 45 87 99.8% $1,332.76 4th
Old Lyme 47 20 99.6% $1,557.50 5th
New London 41 91 99.5% $1,240.00 6th
Griswold 42 22 99.4% $1,239.55 7th
Salem 45 18 99.7% $1,081.67 8th
Groton 46 127 99.4% $1,316.61 9th
E Lyme 47 95 99.4% $1,355.83 10th
Waterford 48 64 99.7% $1,227.48 11th
Norwich 46 122 98.9% $1,216.60 12th

The criteria used were: 

Property Type is one of 'Residential', 'Multi-Family'

Current Price is 2000 or less

Status is 'Closed'

Status Contractual Search Date is 05/21/2016 to 05/22/2015

Transaction Type is 'Rent'

Property Type is 'Residential'

PT is one of 'Condo', 'Single Family'

Rental Agreement is one of 'Annual', 'Lease'

County is 'New London'

The following towns were not ranked because they had fewer than 10 rentals: Lebanon, Lisbon, Lyme, N Stonington, Bozrah, Preston, Sprague, Voluntown, and Franklin.

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@Kevin Scanlon  thanks for the tax suggestion. Statistics are infinitely subjective, but I refocused on single family homes with 3 Beds, 1.5-2 Baths, on less than 2 Acres for sales information to compare with rents, including factors for rent/sale liquidity (Days on Market DOM). Data is from the last year, n is sample size, the towns with less than ten rentals that fit criteria weren't ranked. There were some big changes:

Town Avg Sale Sale n Sale DOM Rent n Rent DOM Avg Rent Mill Rate Tax:Gross Rent My Rank
Groton $218,674.01 72 67 54 46 $1,368.80 20.95 27.9% 1
New London $131,377.19 67 58 26 45 $1,479.42 39.49 29.2% 2
Montville $151,864.80 40 53 14 27 $1,322.50 30.09 28.8% 3
Waterford $191,008.46 65 65 16 33 $1,378.13 25.83 29.8% 4
Norwich $108,675.00 39 63 40 39 $1,289.25 40.9 28.7% 5
Colchester $179,865.72 43 58 20 22 $1,350.25 30.76 34.1% 6
Stonington $301,808.11 37 80 29 43 $1,630.00 21.32 32.9% 7
Ledyard $167,534.56 55 63 10 48 $1,349.00 30.4 31.5% 8
E Lyme $237,345.63 46 79 32 47 $1,368.59 24.71 35.7% 9
Griswold $158,274.71 19 71 10 56 $1,187.50 26.57 29.5% 10
Old Lyme $262,307.48 21 89 9 43 $1,588.89 20.62 28.4%
Lebanon $148,475.00 4 43 5 48 $1,380.00 28.7 25.7%
Salem $204,771.43 7 78 4 27 $1,318.75 31.7 41.0%
Lisbon $108,855.00 10 77 3 62 $1,500.00 19.5 11.8%
Preston $144,153.85 13 64 2 24 $1,325.00 23 20.9%
Franklin $177,933.33 3 107 2 35 $1,325.00 24.72 27.7%
Sprague $151,188.89 9 34 1 21 $1,450.00 31 26.9%
Voluntown $180,157.14 7 50 1 27 $1,700.00 26.61 23.5%
N Stonington $195,916.58 12 37 1 12 $1,295.00 26.1 32.9%
Lyme $243,000.00 6 125 1 41 $1,300.00 17.75 27.6%
Bozrah $184,400.00 5 74 1 13 $1,000.00 27 41.5%

@Peter Villafana I can get more specific market information if you're looking for something in particular.