How many renters live in Niantic, Connecticut?
The City of Niantic has 3,497 people living in 1,568 households.
There are 810 renters living in 479 renter households in this City. Renters make up 23.16 percent of the population living in Niantic.
What is the rental market like in Niantic, Connecticut?
There are an estimated 1,986 housing units in the Niantic area. Of these, 479 units are rental homes, making up 24 percent of the housing market. For every renter household in Niantic, Connecticut, there are 1 rental units.
What is the vacancy rate for rentals in Niantic?
The rental vacancy rate in Niantic is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Niantic for each bedroom size?
Occupied Rental Units by Size in Niantic
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 22 | 89 | 311 | 57 | 0 |
Occupied Rental Units by Size in Niantic
A large number of apartments in Niantic have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Niantic are overburdened by housing costs?
Among renter households in this market, 39 percent have housing cost burden. Further, 4 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Niantic
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,055 to $2,625. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,055 |
| One BR | $1,263 |
| Two BR | $1,556 |
| Three BR | $2,030 |
| Four BR | $2,625 |
2024 Fair Market Rents in Niantic, Connecticut
How many units are rented at Fair Market Rent (FMR) in Niantic?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 22 | 100 percent |
| One BR | 28 | 31 percent |
| Two BR | 111 | 36 percent |
Rental Units Below FMR in Niantic, Connecticut
How many affordable rental units are in Niantic?
Income Based Apartments in Niantic, Connecticut
Niantic features 54 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Niantic, Connecticut
There are 54 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Niantic.
Housing Choice Vouchers in Niantic, Connecticut
On average, Section 8 Housing Choice vouchers pay Niantic landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Niantic.
The maximum amount a voucher would pay on behalf of a low-income tenant in Niantic, Connecticut for a two-bedroom apartment is between $1,400 and $1,712.
Sourced from federal housing data and AffordableHousingOnline.com research.
