Just moved to Greenwich from Manhattan, looking to begin buying multifamily rental units across CT. Interested to meet a few brokers that really know that market. What towns are expected to be the best areas for the next 3-5 years to be making these investments?
Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
5y
@Brandon Kaplan here are my thoughts on the greater Hartford (Hartford county, really) rental market in the event that you come up this far. As a licensed real estate agent myself, I can get into trouble for "steering" you to an area, so please accept these as just some generally vague thoughts based on my experience of the area and property management industry.
Windsor is a great "small town" that generates good cashflow with moderate chances of appreciation (relative to the CT Market)
Granby even a smaller town feel than Windsor, rentals are in high demand and rent prices are high. Expect high prices too, though. Appreciation likely.
Enfield is better on cashflow, but has some rough parts of town that I personally avoid (Specifically T'ville). It does have a busy shopping area, and a mall that desperately needs attention. The proximity to MA is a benefit.
Manchester strong rents, but getting into the market can be tough, as multis are priced accordingly.
West Hartford if you're in this town you're probably banking on appreciation, not cashflow.
Glastonbury Strong rents, but expensive. Multis / rentals are not common, and in demand. Appreciation likely.
East Hartford Mostly a B/C class community. I like it. Rents are strong, proximity to downtown Hartford is a major plus. Prices have gone up steadily since 2015/2016.
New Britain Still has quite a negative stigma, mostly due to crime. I hear it all the time when I'm showing tenants units in other towns and I get asked "Do you have any other units available." You can see the expressions if you say "Yes we have one in New Britain." We manage in town, but I don't feel comfortable enough to purchase in NB myself. That being said, prices can be attractive.
Bristol Strong rental market. Seems to always have demand given proximity to Hartford, Waterbury and Meriden.
Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
5y
Hey @Brandon Kaplan, welcome to BP! You've come to the right place to chat about real estate. What are you hoping to get out of your investments, and how close (or far) do you want to be from them? I think the answers to those questions will allow for some better answers to your original question.
I'm a big fan of Hartford county Connecticut, but that's somewhat because it's what I know best, so there's an obvious bias there. The price points get lower the further north you get in CT, but some folks don't want to be that far away from their properties.
Real Estate Agent · Hartford, CT · Member since 2020 · 36 posts · 32 votes
5y
I second @Filipe Pereira. There's opportunity all over the state, depending on what you are looking for. I'm partial to Hartford County as well, but Fairfield County and the rest of the state can seem like night and day sometimes!
Thanks @felipe and @allan. Looking to get into class C/B units for some positive cash flow, but more important long term investing. I dont want to take too much risk on a speculative emerging town, but am interested in towns that would be pretty secure as emerging, or more stable rental markets. Interested in multifamily or single family. If anyone in this group helps investors find properties, or even if there are wholesalers looking for buyers, I would be interested to chat. Thanks again.
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
5y
Hey, @Brandon Kaplan. I made the Manhattan --> Greenwich move a few years ago. You're going to be very happy here.
@Scott Hollister hosts a Central CT meet up and @Mat O'Grady hosts one for SE CT. I believe there's on tonight, actually. There are really good markets all over the state, depending on what you're investment strategy is.
Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
5y
@Brandon Kaplan here are my thoughts on the greater Hartford (Hartford county, really) rental market in the event that you come up this far. As a licensed real estate agent myself, I can get into trouble for "steering" you to an area, so please accept these as just some generally vague thoughts based on my experience of the area and property management industry.
Windsor is a great "small town" that generates good cashflow with moderate chances of appreciation (relative to the CT Market)
Granby even a smaller town feel than Windsor, rentals are in high demand and rent prices are high. Expect high prices too, though. Appreciation likely.
Enfield is better on cashflow, but has some rough parts of town that I personally avoid (Specifically T'ville). It does have a busy shopping area, and a mall that desperately needs attention. The proximity to MA is a benefit.
Manchester strong rents, but getting into the market can be tough, as multis are priced accordingly.
West Hartford if you're in this town you're probably banking on appreciation, not cashflow.
Glastonbury Strong rents, but expensive. Multis / rentals are not common, and in demand. Appreciation likely.
East Hartford Mostly a B/C class community. I like it. Rents are strong, proximity to downtown Hartford is a major plus. Prices have gone up steadily since 2015/2016.
New Britain Still has quite a negative stigma, mostly due to crime. I hear it all the time when I'm showing tenants units in other towns and I get asked "Do you have any other units available." You can see the expressions if you say "Yes we have one in New Britain." We manage in town, but I don't feel comfortable enough to purchase in NB myself. That being said, prices can be attractive.
Bristol Strong rental market. Seems to always have demand given proximity to Hartford, Waterbury and Meriden.
Thanks so much for the market analysis! It's always good to hear from the locals how the market is going in each town. I myself live in Pawcatuck CT, but moved here from RI only a few years ago, so I was unfamiliar with the north western area of CT.