Our January report shows promising signs for a good 2014 Rental Market.
The average Rent for January 2014 was higher than January 2013. This is an encouraging sign and we hope it will continue through out the year.
The Days On Market (DOM) did tick down but still remains high for the season.
Units Rented also improved year over year with the Active listings hovering below 1000 units. With 967 available we currently have less than 2 months supply. It's a bit unclear why the days on market (DOM) remain so high but we feel this should improve as soon as the weather breaks.
We have added a new metric to our reporting which might give some additional insight to supply of rental listings. Beginning in January we will be tracking Active listings giving us insight into the supply of active rentals, comparing rented properties to establish the number of months it will take to rent the current supply. As an example: On January 2nd we had 1142 Active rentals and 428 units rented in December which is 2.6 months supply.
Download The Full Report/Year End Chart: http://www.circlepm.com/Market%20Comparison%20Report%20January%202014.pdf
In closing, Circle Property Management is performing well and meeting client expectations. Our Landlords have been pleased with the performance of their properties and we look forward to another good year.
BTW someone asked where we obtained these charts? We make these in-house using excel. The data is raw from the MLS system and we have asked for charting of rentals like sales reports but the MLS system has no plans to provide them.
About The Author
Eric Guggenheimer - SFR, ARM ® » Principal Broker, Certified Property Manager, IREM, ARM, NARPM, NVAR, NAR, VAR
