Hartford Business Journal Special Editions

Hartford Live, Work, Play

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Page 15 of 51

A partment rentals in Hartford have been booming, with rents rising and occupancy rates peaking. However, new apartments are coming online to soak up the continued demand. Just as important as prices are the amenities that encour- age people to socialize aer months of social distancing and lockdowns, said several experts in the Hartford apartment sector. The amenities might include cappuccino bars, eateries, fitness centers and indoor and outdoor spaces to work, socialize or relax, said Randy Salvatore, managing member of RMS Companies. Its Hartford projects include the massive Downtown North development, which is now known as North Crossing, near Dunkin' Donuts Park. Added Marty Kenny, owner of Lexington Partners: "Socialization is so important in these communities. People want to meet other people." Increasing Demand Hartford and other smaller cities nationwide have benefited from a flight from bigger cities. People have been looking for communities that can beer accommodate working from home and that offer more affordable prices, the experts said. Someone living in New York or Boston will pay much less and get more space in Hartford, said Salvatore, who estimates that occupancy rates are 95 percent in the city. Spreading out BY THOMAS A. BARSTOW AS DEMANDS CHANGE AMONG RENTERS, HARTFORD APARTMENT BUILDERS ADJUST AN ARTIST'S RENDERING shows an RMS Companies development called North Crossing, which is being built in phases. The first phase, at 1212 Main St., is expected to be completed in early 2022. SUBMITTED 14 HBJ HARTFORD LIVE WORK PLAY

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