December was a quiet month in terms of housing. Instead of the usual blurb, I want to make observations about three broad trends in the 2017 QR data in 2017. Let's see if these trends extrapolate into 2018.
The rental market in 2017 was cyclical. Rental volumes started high in January, slowly tightened up between March and July, and then finished with rising volumes towards the end of the year.
In tandem with (1), prices also appear cyclical. The price rise lags the lowered volume by a few months though. Prices start rising around June, and peak in September.
Overall, rents are not skyrocketing. Year-over-year price increases have been in line with inflation. In fact, non-studio market rents have grown less than the legistlated cap of 3.7%
December Rental Stats
December was a sleepy month for rental listings. Volumes are down 8% from the November surge in listings. Prices are all basically flat.
- Studios $1600 (-0.63%)
- 1 bedrooms $1900 (0.0%)
- 2 bedrooms $2650 (0.0%)
- 3 bedrooms $3000 (0.0%)
Overall, year-over-year rental increases are in line with inflation. Surprisingly, the median rent for 2 bedroom units became slightly cheaper YoY.
|Beds||Median 2016||Median 2017||Pct Change|
That's it for December and Happy Belated New Year!
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