We compared our days from listed to rented for 2014 to 2015 and discovered some pretty interesting trends. Throughout the first quarter this year, we had a strong conviction that the rental market was much more competitive than last year. Our research not only confirms this but puts an exclamation mark on this fact.
We took a look at all of the properties we listed in both years in the following cities:
The total number of homes we listed in both years was 156 so we are taking a look at a decent sample size. Both years listing portfolio are similar with a $953 average listing price in 2014 and a $943 average listing price in 2015.
In 2014, we listed 96 homes in the first quarter. Our average days to rent was 22.31 days and the median 17 days.
In 2015, we listed 66 homes in the first quarter and our average days to rent was 11.81 days and median was 9 days. This takes into account the one home we have not leased as of yet with a realistic lease expectation date.
Although our portfolio of the total properties we manage has remained almost unchanged from 2014, we have listed 30 less homes this year’s first quarter.
We think one of the reasons for this is that tenants are choosing to stay in their homes as the have tested the market and realize how competitive it is as they see the lack of inventory and properties they are interested in being snapped up quickly.
It will be interesting to see if this trend continues and we will have a second quarter update when the time comes.