At Trademark Property Management we focus entirely on residential rentals, so keeping up with market trends is our job. And my job specifically as the Director of Leasing. We’ve noticed for the past year or so that the rental market has been softening. Prices have stayed pretty steady with some coming back down in certain markets.
Our lead management and marketing software ShowMojo gives us country wide trends regarding the rental market. One benchmark used is “Days on Market”, this number has risen (not good) 47% from Dec 2022-Dec 2023. This is the highest mark since they started keeping track of this number in 2017.
Another benchmark is leads per listing. This is also at lows disregarding some Zillow and Trulia strategy changes. This means there are less folks looking for rentals.
What do these two statistics mean? Well they both mean that prices will have to come back down a little bit to make up for the softening market conditions. Where 1 year ago we were having trouble keeping up with the sky rocketing rental market, we are on the other end of the curve trying to keep up with the softening prices as they come down.
Now these reductions are not dramatic, but it is the first time in years that we have had to issue reductions almost across the board to keep up with the market conditions. This is good news for affordable housing and tenants, but not great for investors and owner who are facing still high interest rates and high maintenance costs.
In a future post I will be covering some more localized statistics and going over our portfolio’s performance as well.
If you are looking for property management in Lancaster County or the surrounding area please give us a call. We do residential property management and only residential property management.
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