October Rental Market Statistics are hot off the press.
October total properties rented in Fairfax Virginia were down from last year with a one month drop of 13%. (Larger than usual) We attribute the October drop to the Government shutdown bringing all Government relocation's to a temporary stop. We did see a spike in late October when the shut down was announced but still left us with a down month. In 2012 the September October drop was less than 4% indicating a lager than normal drop for October.
As of November 2nd we have over 1300 units available for rent a two month's supply which is a bit high for October. Overall 2013 tracks better that 2012 and we suspect 2014 may see some softness early in the year. The recent drop in demand which which should follow into the first quarter of 2014 and may hit the higher priced units harder then last year.
As of November 2nd we have over 1300 units available for rent a two month's supply which is a bit high for October. Overall 2013 tracks better that 2012 and we suspect 2014 may see some softness early in the year. The recent drop in demand which which should follow into the first quarter of 2014 and may hit the higher priced units harder then last year.
We remain optimistic but cautious and use the days on market as an indicator of the strength. We are at 35 days on market average which is high for October. The Day on market have been stubbornly high in 2013 and we will be watching with great anticipation.
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About The Author
Eric Guggenheimer - SFR, ARM ® » Principal Broker, Certified Property Manager, IREM, ARM, NARPM, NVAR, NAR, VAR
