Thursday, July 12, 2018

New Haven Rental Boom

Most people who follow the New Haven area real estate market know that we have had a surfeit of new luxury rental properties come onto the market in the past few years.  Most of them have surpassed their expectations in terms of the speed with which they filled up.  Even the projected decline in other rental interest has not materialized.

Now the question is:  What will pop up to service all these new renters, many of whom work in other parts of the State or even in NYC?  They clearly have been populating the many bars and restaurants that are constantly opening in New Haven, and have been a boon to lots of organizations.  There will be more needed to fulfill all of their needs, however.  Even dogwalkers will see the effects of a young professional demographic increase. Services that appeal to millennials, either because they save time or because they cater to new interests and requests, will continue to grow as this group expands.  Farm markets and other local options for eating will prosper, and traditional goods and services, including hairdressers, nail salons, and dry cleaners, will lengthen their hours to accommodate the needs of users who work later hours.

Although we've seen some increase in the demand for retail and service locations, we expect to see more in the future.  We probably don't even know either the total demand or the range of expectations that will arise, whether it is for breweries or cigar bars or something that hasn't yet been offered.  If you've thought about expanding  your business into our region, or starting a new company, here's your chance!  We're glad to help.

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