Burlington
Chittenden County Rental Market Shows Signs of Cooling
A dramatic jump in new apartments in Chittenden County and a dip in demand have contributed to the rising vacancy rate. Read the story on VTDigger here: Burlington-area rental market cools off, bringing some relief for tenants.
Key points
- Chittenden County’s rental vacancy rate has reached 3.3%.
- Local tenants see some relief as landlords adjust prices and offer incentives.
- Demand for affordable housing remains high despite market changes.
MONTPELIER, Vt. NewsWK — The rental market in Chittenden County, which includes Burlington and Winooski, is beginning to cool off, providing some much-needed relief for local tenants. According to a report first published by VTDigger, the county’s rental vacancy rate has reached 3.3%, nearing the 5% threshold that indicates a healthy market.
Local Impact on Renters
Ally Quirk, a therapist living in Winooski, recently faced a rental price of $2,450 for her one-bedroom apartment, which forced her to consider moving. However, when she approached her landlord about a month-to-month lease, she discovered the price had dropped to $2,100, prompting her to stay. “I was thrilled to be able to stay in my apartment and pay a reasonable amount of money for it,” Quirk said.
Trends in the Rental Market
Chittenden County has seen a significant influx of new apartments in recent years, with over 800 new units opening in 2024 alone. This increase has contributed to a higher vacancy rate as the demand from new arrivals has slowed down. As Erik Hoekstra, managing partner at Redstone Properties, explained, landlords are now facing a more competitive environment. “We used to list an apartment for rent – if we listed it in the morning, by lunch we’d have it rented,” he said.
Landlords Respond to Market Changes
In light of the changing market dynamics, landlords are adopting new strategies to attract tenants. Bissonette Properties has introduced a price match guarantee on comparable apartments, while Catamount Run in South Burlington is offering discounts to new renters. Property owners are also encouraged to enhance their units to remain competitive.
Looking Ahead
As the rental market adjusts, challenges remain, particularly for lower-income housing. Chris Donnelly of the Champlain Housing Trust noted that there is still a 10-month waitlist for affordable units, highlighting ongoing demand despite changes in the overall market. Meanwhile, tenants like Autumn Moen are starting to see hope as prices for some rental units drop, showing that the market may be shifting towards more affordability.
As the rental landscape continues to evolve, local residents are encouraged to stay informed about available options and potential price changes.
Based on reporting originally published by VTDigger. Read the original story.
