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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