The TurboTenant Rental Trends report for the week of March 16th-March 22nd includes a week over week comparative analysis of the number of listings in each location as well as the number of rental inquiries a property received. We also report on the average number of days on the market as well as the median sale price.
In light of the current COVID-19 pandemic, we have shifted our analysis to include week over week analysis for our top two metrics – the number of listings in each area and the number of leads per property. We have also included a month over month analysis of the median sale price, as reported by Redfin. We see these as key metrics to help assess the effects of COVID-19 on the rental market.
Listings Per Week Trends:
Six of our cities reported an increase in the number of listings, Tampa came in first with an increase of nearly 38% week over week, followed by Denver, Houston, Seattle, Atlanta, and Miami. The other 18 cities reported decreases in listings ranging from roughly 2% to a 49% decrease. Hoboken, San Diego, and New York posted the biggest decreases at 29%, 35%, and 49% respectively.
Out of the 26 cities reported on, three cities reported an increase in leads week over week – Philadelphia, Tampa, and Brooklyn. Six cities stayed flat week over week, and 15 reported decreases in leads ranging from a 7% decrease in Milwaukee to a 50% decrease in Atlanta, Hoboken, and Pittsburgh.
Days on Market:
New York posted the longest number of days on the market at 21, and Seattle posted the shortest time with just nine days. The median number of days on the market is 14, with seven of our cities reporting that same time frame.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,000. Once again, our coastal cities post the highest median sale price with Brooklyn, NY sitting at $1,040,000 which was a 4.5% increase from January. The median for the group is $301,500. Cleveland, OH is far below the median at number 26 on our list with a median sale price of $71,000 which was a 4.4% increase month over month. Providence, RI posted the biggest decrease in the median sale price with a 16% decrease from January to February.
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Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.