Active
Volume: 94 (-5%)
Low:$2,350 (-1.9%)
High: $55,000 (0)
Average: $6,523.93 (-9.3%)
Median: $5,450 (-1%)
Leased
Volume: 47 (-27%)
Low: $1,925 (0)
High: $17,500 (0)
Average: $5,617.87 (+9%)
Median: $4,500 (+9.8%)
Average DOM: 37.94 (-25%)
I'm a little concerned some of my prior numbers may have not been quite perfect. Leasing data is especially great for income property owners but, it can be tough to keep track because there are some confounds between trying to weed through the winter rentals versus regular 12 month or month to month, vacant properties. This time of year can be especially complicated because a lot of the winter rentals that should have been rented by now are being heavily marketed through the MLS. It can be tough to make these decisions as to what qualifies for a "real rental" versus a winter rental. As a result, I want to indicate that for all future data updates, there will be no 6 month leases, no amount of furnished rentals and no weekly rentals. This should make the data cleaner for future references.
Nonetheless, it does not surprise me that we would see a drop in prices nearly across the board for available leases. It gets more and more difficult to find future tenants as we approach the holidays because fewer and fewer people want to move over the holidays. Given that the holidays last about 7 weeks, most owners would rather not lose nearly 13.5% of their income over the course of the year in order to be stubborn about getting their particular rent number. I expect to continue to see dropping prices and increasing days on market until after the first of the year.
Volume: 94 (-5%)
Low:$2,350 (-1.9%)
High: $55,000 (0)
Average: $6,523.93 (-9.3%)
Median: $5,450 (-1%)
Leased
Volume: 47 (-27%)
Low: $1,925 (0)
High: $17,500 (0)
Average: $5,617.87 (+9%)
Median: $4,500 (+9.8%)
Average DOM: 37.94 (-25%)
I'm a little concerned some of my prior numbers may have not been quite perfect. Leasing data is especially great for income property owners but, it can be tough to keep track because there are some confounds between trying to weed through the winter rentals versus regular 12 month or month to month, vacant properties. This time of year can be especially complicated because a lot of the winter rentals that should have been rented by now are being heavily marketed through the MLS. It can be tough to make these decisions as to what qualifies for a "real rental" versus a winter rental. As a result, I want to indicate that for all future data updates, there will be no 6 month leases, no amount of furnished rentals and no weekly rentals. This should make the data cleaner for future references.
Nonetheless, it does not surprise me that we would see a drop in prices nearly across the board for available leases. It gets more and more difficult to find future tenants as we approach the holidays because fewer and fewer people want to move over the holidays. Given that the holidays last about 7 weeks, most owners would rather not lose nearly 13.5% of their income over the course of the year in order to be stubborn about getting their particular rent number. I expect to continue to see dropping prices and increasing days on market until after the first of the year.
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