When dealing with the sales of multi-family buildings in Connecticut, I often find that landlords and tenants have misconceptions about what happens to a lease when a property sells. It is important to know that a lease always transfers. When a property is sold the new landlord must honor the lease for the period of time that it is effective. There is no way around this. If you are a tenant and the apartment building that you live in is being sold, you can rest assured that if you have a lease you will be able to stay at the rental amounts specified in your lease for as long as your lease is effective. Once you revert to a month to month, the landlord now has the ability to change the terms or ask you to leave. This is why it's advantageous to sign a new lease every year. Even if the building you are living in gets foreclosed on the mortgage company that takes ownership of your building must still honor your lease and when the lease is up they have to provide you with 90 days notice to leave.

The multi-family housing market in Torrington remain strong for the month of April 2024. There are currently only three active multi-family listings on the market in Torrington one price at 275,000 another at 289,000 and a three unit at 375,000. Some properties are receiving 10 offers. Buyers are coming from New York, Fairfield County, and other areas of the state. Due to the relatively reasonable prices of the multi-family properties here in Torrington. Rental demand remains strong with the average one bedroom going for around 1100, two bedrooms around 1300, 3 bedrooms around 1500 and four bedrooms renting for around 1600 to 1700. There are currently only 21 active evictions in Torrington. Most evictions are taking around 3 to 4 months to complete making Torrington a very attractive choice for concerned investors compared to some other areas.