Every time we turn around, someone else is announcing a new project with rental units. Some are in Hartford, some in the suburbs all over, but New Haven is garnering (still) the biggest share. There seems to be no end to the demand, or at least, we haven't seen it yet. We all know that it will come, but who can say when the demand will dry up?
There are a few signs of increasing competition for tenants, which would indicate that the peak has passed. However, we all know that the height of demand is usually demarcated in the rear view mirror. Real estate is always cyclical.
This begs the question, however, of the other needs that all those tenants will have. They tend to have high utilization of restaurants, entertainment, and convenience services. The profile of a renter is different from that of an owner, if only because they aren't spending time or money on home maintenance or improvement. That leaves them more time to work or play; if it's work, that leaves them also with more money, and a need for time-saving services. Food places that deliver, pet and beauty options, and retail choices within walking distance will all increase. People who walk places can also drink in bars, since they are walking or Ubering home. Although they have been opening up regularly, the demand may be outpacing the supply, given all those new renters.
Why not try to be ready with commercial offerings. that will be ready when the units come on line?
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