Last updated on June 21st, 2023
best places to Airbnb in connecticut
Key Takeaways
● Connecticut is one of the richest states in the US and offers a diverse real estate market, a healthy economy and a growing labor market. Thanks to this, many Airbnb hosts and investors achieved financial freedom.
● Learn the pros of why buying a rental property in Connecticut can end up being a successful and remunerative experience.
● Knowing the top areas in Connecticut along with their recommended property types and specific Airbnb data can help you to take the best investment decisions.
Introduction
Best known as the Constitution State, Connecticut is a land where culture and nature mingle providing the perfect combination of experiences. Located in the southern part of the New England region, Connecticut delivers a picturesque and contemporaneous atmosphere that is impossible not to like.
If you’re looking for a place to disconnect yourself from the bustling big cities while enjoying the best entertainment activities and exquisite gastronomy, then let me tell you that Connecticut surely has a place for you.
Overall, the state of Connecticut offers a strong yet strong housing and job market. Moreover, it also owns the third-highest per capita income in the US! Yet, you may be wondering what are the best rental markets in Connecticut, right? Then, allow us to lend you a hand!
In this blog, we reveal the best places to invest in Airbnb in the state of Connecticut. We also mention some of the main advantages that investors can have when investing in real estate in this city. Continue reading to learn more.
Pros of real estate investments in Connecticut
Investing in real estate in the state of Connecticut won’t only allow investors to enjoy all kinds of unique experiences but it will also offer them the opportunity to eventually achieve financial freedom. With that being said, you may be wondering what are the advantages that this state offers to real estate investors?
Check out some of the reasons why buying an Airbnb investment property in Connecticut is a great idea:
Top 7th Wealthiest State in the US
Connecticut is an economically healthy state with a GDP per capita of $85,609. Thanks to this, it occupies the 7th place as one of the richest states in the country. The state is home to some big corporations’ headquarters and there’s also a visible increase in the increase in job growth. In fact, Connecticut is currently considered one of the best states to find a job.
The population in Connecticut also increasing and among its fastest-growing cities we can find Waterbury, New Haven and Norwalk.
Convenient location
The Constitution State enjoys a privileged location in the northeastern part of the US. Aside from being bounded by the Atlantic coast in the South, it’s also bordered by the states of Massachusetts, New York and Rhode Island. Thus, traveling to major cities like NYC, Boston and Providence is a piece of cake.
Entertainment all year round
Connecticut offers the perfect mix of experiences in one place! Whether you enjoy summer or winter activities, the state has something prepared for you.
The state is bounded by the Long Island Sound, so you can enjoy some water activities during the summer or do skiing and ice fishing in the winter. But you must watch out for the spring season because there are a handful of festivals and events hosted throughout the state. Moreover, you will also find top-tier art galleries and museums such as the Yale University Art Gallery and Mystic Seaport Museum.
Balanced real estate market
While the overall cost of living in Connecticut is high, it’s still more affordable than most states in the US. The average property price in Connecticut is $349K, which is lower than the national average ($428K).
Considering that the state has an overall strong economy, a growing job market and some of the best education institutes, a great number of people are relocating to Connecticut’s cities. Among the cheapest cities to live in Connecticut, we can find Hartford, Waterbury, Bristol, and New Haven with median houses values of $145K, $207K, $257K and $259K respectively.
Is Airbnb Profitable in Connecticut?
Airbtics confirms that investing in real estate in Connecticut is certainly financially rewarding. But we must point out that the level of profitability depends on other important factors like the property size and location.
According to Airbtics’ data, an Airbnb host can expect an average annual revenue of $39,235 and a median occupancy rate of 73% for operating a 1-bedroom property in the city of New Haven.
Best Rental Markets in Connecticut
While there are many Airbnb host expenses to take into account, the most essential part is to analyze the property’s location.
Connecticut has over 169 municipalities, so you can guess that the profitability in each of them is consequently different! For example, the capital city of Connecticut, Hartford, it’s divided into 41 neighborhoods. Hence, it’s understandable if you’re struggling to choose the best place to set up your rental property in Connecticut.
Check out the best cities in Connecticut that are recommended for starting an Airbnb business:
1. Hartford
- Total Number of Airbnb Listings: 102
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $125,000
- Airbnb Annual revenue: $37,762
- Gross rental yield: 30.21%
2. New Haven
- Total Number of Airbnb Listings: 312
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $159,000
- Airbnb Annual revenue: $44,756
- Gross rental yield: 28.15%
3. Groton
- Total Number of Airbnb Listings: 177
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $239,900
- Airbnb Annual revenue: $64,771
- Gross rental yield: 27%
4. Fairfield
- Total Number of Airbnb Listings: 68
- Best bedroom size: 4 bedrooms
- Median property price (4 bedrooms): $675,000
- Airbnb Annual revenue: $145,868
- Gross rental yield: 21.61%
5. New London
- Total Number of Airbnb Listings: 65
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $199,900
- Airbnb Annual revenue: $40,958
- Gross rental yield: 20.49%
6. New Milford
- Total Number of Airbnb Listings: 38
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $379,900
- Airbnb Annual revenue: $76,306
- Gross rental yield: 20.09%
7. Old Saybrook
- Total Number of Airbnb Listings: 53
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $379,900
- Airbnb Annual revenue: $75,008
- Gross rental yield: 19.74%
8. Stamford
- Total Number of Airbnb Listings: 153
- Best bedroom size: 1 bedroom
- Median property price (1 bedroom): $210,000
- Airbnb Annual revenue: $36,939
- Gross rental yield: 17.59%
9. Norwalk
- Total Number of Airbnb Listings: 81
- Best bedroom size: 1 bedroom
- Median property price (1 bedroom): $205,000
- Airbnb Annual revenue: $35,033
- Gross rental yield: 17.09%
10. Bridgeport
- Total Number of Airbnb Listings: 79
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $289,000
- Airbnb Annual revenue: $41,667
- Gross rental yield: 14.42%
Takeaway
The state of Connecticut offers a variety of types and prices when it comes to housing options and also many profitable cities. This confirms that real estate investors can obtain a good return on investment by owning an Airbnb listing in the state.
After finding out the best places in Connecticut to buy a rental property, go ahead and check Airbtics’ short-term rental calculator. Move forward and boost your earnings by making use of top-tier analytics tools!
Explore The Most Profitable Airbnb Locations Around Connecticut
