Derry's Condo Headshot

Derry's Condo Headshot

Thursday, September 22, 2016

Market Update for Newport Beach Residential Leases

Active
Volume: 101
Low: $2,500
High: $55,000
Average: $7,706.81
Median: $5,500

Leased:
Volume: 45
Low: $1,925
High: $11,000
Average: $4,442.67
Median: $4,200
Average Days On Market (DOM): 30.87

I will say that clearly there are several high priced leases that skew some of the data a bit for the active data. However, by looking at the "leased" properties, it is much easier to ascertain a clear picture of the rental market. Maybe most significant to me is that if the tenants move out early as in prior to marketing, as an owner, a 30 day vacancy period is reasonable.

I will add that this data is limited. It does not include properties that do not make it into the MLS because an owner may choose to list it themselves via one of the many housing websites or to simply put a sign in the window as their form of marketing. Until all owners decide to list their properties in the MLS, my data will always be a little limited. Nonetheless, it should still be able to demonstrate trends.

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