March Rental Stats
There has been a consistent uptick in rental volumes since last year. In March, we saw 5520 listings which is 26.9% more listings than last March. This marks 3 consecutive months of higher YoY listings. Year-to-date we recorded 16,115 listings versus 14,000 for the same period in 2017, a 15% increase. I am cautiously optimistic that newly introduced measures like the Empty Homes Tax are driving more rental stock.
Prices were a mixed bag. Studios and 2 bedrooms saw slight moderation while 1 bedrooms and 3 bedrooms saw some growth in rental pricing. The good news is we are still off from the high water mark of $2000 for a single bedroom seen last September.
- Studios $1624.50 (-1.5%)
- 1 bedrooms $1980 (+1.5%)
- 2 bedrooms $2695 (-0.2%)
- 3 bedrooms $3000 (3.4%)
Year-Over-Year
One bedrooms saw a large year-over-year price surge of almost 9%. There appears to have been a structural change in the rental market in the summer of 2017. For 1 BRs, median prices escalated from $1850 to $2000, and these prices have been stubbornly sticky.
Beds | Median 2017 | Median 2018 | Pct Change |
---|---|---|---|
0 | $1570 | $1624.5 | %3.5 |
1 | $1820 | $1980 | %8.8 |
2 | $2600 | $2695 | %3.6 |
3 | $2750 | $3000 | %9.1 |
Furnished
Thanks to Jens heckling, I've finally split out the furnished and unfurnished listings. The results are pretty shocking, at least to me.
The median price of a furnished unit offers at least a 30% premium to its unfurnished counterpart.
Beds | Median Unfurnished | Median Furnished | Pct Premium |
---|---|---|---|
0 | $1500 | $2000 | %33.3 |
1 | $1850 | $2400 | %29.7 |
2 | $2495 | $3495 | %40.1 |
3 | $2700 | $5112.5 | %89.4 |
Coincidentally, furnished units make up about 30% of the listings. This tails off as we get to the higher bedroom counts though.
Beds | Unfurnished Count | Furnished Count | Pct Furnished |
---|---|---|---|
0 | 181 | 95 | %34.4 |
1 | 1687 | 775 | %31.5 |
2 | 1479 | 571 | %27.9 |
3 | 374 | 106 | %22.1 |
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