Is CT a good opportunity?

[Aemon Gariety]

I see a TON of multi family homes for sale in Hartford, CT. Any idea why there are so many? Is this a good place to buy and rent out? Is the market going under or something?

[Allan Smith]

Hi Aemon, there has been a steady stream of multi-family properties coming on the market in Hartford in the last year. It's hard to nail down the exact reason. I believe it is a combination of a couple of factors. 

1. The market in CT overall is very strong right now, so many owners may be selling now to try to get more for their MF than they could have in previous years. (So-called "top dollar")

2. Hartford, like some other urban areas tends to have a little "higher-maintenance" tenant. These are the exact type of properties that could be seeing non-pay tenants, exacerbated by eviction moratoriums, catalyzing some owners to decide they want to be done landlording. 

3. To a lesser amount than the previous 2 reasons, while CT is seeing population growth (for the first time in like 30 years), Hartford has practically no-one working downtown anymore, leaving a void in demand for renters. All of the companies with corporate offices in Hartford-proper have move to 100% remote. Think, Eversource, Travelers, Hartford Healthcare, every office job is now remote, plus every entertainment venue, hotel, and restaurant that services them. 

Its not all doom and gloom though. Hartford has a lot of positives that were in the works before the pandemic, and it looks like it is in a good position to come out better than it went in. 

If you are actually looking at investing you may want to take a closer look at neighboring towns like East Hartford, Manchester, and New Britain as well though. These towns will give you a little higher rent, a little less issues with tenants, and will still be in the same price bracket. 

Shoot me a message if you want connect or have any other questions about the area. Happy to help. As the slogan goes "Hartford Has It!"