The average rent for an apartment in Bridgeport has decreased by $15 to $1,247 (a decrease of 1 percent) during the third quarter, according to a press release from Rentjungle.com, an apartment search and market research website. Nationwide, average apartment rents increased by 5 percent over the same period.
“The Bridgeport market looks like it is still showing some weakness. In Q2, rents were up by 2 percent , so Q3’s decrease of 1 percent is discouraging,” Rentjungle.com CEO Jon Pastor said in the press release.
Table of average rent per month in Bridgeport over the past year:
2009Q3 – $1307
2009Q4 – $1239
2010Q1 – $1235
2010Q2 – $1261
2010Q3 – $1247
Nationwide, one bedroom apartments saw the largest percentage increase in Q3, up 7 percent to $1,034 per month. Two bedroom apartments were also in demand, up 5 percent to $1,284 per month.
“We are seeing some encouraging signs in the overall national rental market for the second quarter in a row,” Pastor said. “In the third quarter, rent nationwide was up by 5 percent when compared to the second quarter of 2010, which is the continuation of an improvement trend that started in January. Rent in Q4, 2009 was down by approximately 3 percent from the prior quarter, and during Q1 2010, rent was flat. Rent increased in Q2 by 2.5 percent, making Q3, the second continuous quarter of increases.”
Across all apartment sizes, Washington DC, Denver, and Miami all saw rent increases above 6 percent in the second quarter. The majority of cities realized increases in the 2 to 5 percent range. However, Des Moines, Detroit, Dallas and Cleveland all saw decreases in excess of 1 percent.
“Even with the real estate market continuing to sputter with the expiration of the homebuyer tax credit, rents remained strong,” Rent Jungle co-founder Geng Wang said in a press release. “We may be seeing a more permanent shift away from owning to renting. As consumers get confidence back, and move out of shared livings spaces (e.g., with roommates or parents), they are opting to continue to rent rather than looking at purchasing.”
Rentjungle.com calculates these figures by analyzing over 1 million apartment ads a month. Rents are calculated using a 10 mile radius from the center of the city.