NORWALK, Conn. – Rentals in the Norwalk housing market are strong with more units on the way, according to William Pitt Sotheby’s International rental specialist Michael Church.
Belpointe Real Estate has secured financing, and excavation is under way at Waypointe on West Avenue, which includes 774 apartments and more than 90,000 square feet of retail in the first two phases. Leasing is beginning at Avalon East Norwalk, a community of 240 studio, one-, two- and three-bedroom apartments at 8 Norden Place.
Construction is also under way at The Spinnaker Companies mixed use development, at 20 North Water St. cross from the Maritime Center, where they will be building 107 apartments, 17,500 square feet of retail and 3,200 square feet of restaurant space.
“It goes without saying that the Norwalk rental market is extremely strong and can handle the absorption of Avalon's 240 units, as well as others that are slated for development,” Church said. “We're continuing to see record low vacancy rates, and area banks are only interested in financing rental developments.”
The townhouse-style apartments at Summerview Square , located on West Main and Summer streets on the north side of Norwalk, are nearly fully leased. The final phase of 32 units is under construction, and there is a waiting list of interested tenants.
Javaid Siddiqui, information technology manager for Dunkin’ Donuts, leases a Summerview apartment with his wife. “It’s an awesome place to live. We eat at the local restaurants on weekends, and it’s a five-minute walk for my wife to get to her job as a pharmacy technician,” Siddiqui said.
The generation currently moving into the housing market — Gen Y or Millennials — is the most urban-oriented since the 1930s. But student debt now totals up to $550 billion, and the Millennials face some tough economic choices, especially when it comes to housing.
“I’m young, and I work for a corporation that is adamant about employee flexibility,” says Spencer DePhillips, who works for GE. “Since I am inclined to move around, I am not interested in home ownership. Given the quality construction, proximity to my office and affordable rent at Summerview, the decision to lease was a fairly easy one.”
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