The third quarter has come to a close.
Schools are in full swing, the chilly air is setting in, and peak rental season has ended.
The numbers tell the story, so let's break it down:
Quick Central Indiana Rental Market Overview
Compared to previous years, overall numbers continued to be softer during the third quarter.
Now, let's be clear: the rental market is still very strong, demand is still strong, pricing is strong and days on market are strong.
However, in terms of overall homes rented, we may have plateaued a bit.
As you've probably heard, the real estate sales market continued to be extremely strong, so it's likely many rental homes over the past 2-3 years have converted to owner occupied properties.
Indianapolis saw 626 homes lease through our local MLS system during the third quarter of this year, which is down from 713 homes leased during the same quarter of 2018.
Rents continued to rise, as average rents for this past quarter moved to $1,231 per month in Indianapolis. Average Days on Market edged up slightly, from 32 in 2018 to 33 in 2019.
T&H Realty Services' Perspective
As we discussed in our last Rental Stats newsletter, the first half of the year was record-breaking for us in every meaningful leasing category.
To put it mildly, we were white hot busy.
While things have slowed, as they always do during the second half of the year, we're still renting homes at a good pace.
The key, as we continually mention to our Owner Clients, is to become more aggressive during this time of year. There are clearly fewer Tenant prospects out there, so you have to price yourself competitively and ensure the home is in high-quality condition. These two factors will help the property stand out and get rented more quickly.
"Where Should I Invest in Indianapolis?"
This is a question that we hear every single day from investors interested in the Central Indiana market.
So, in sync with our Core Value to "Continually Educate and Advise", we are creating a tremendous resource on our website to help answer this very complex question.
We have all 9 townships in Marion County profiled and are working on surrounding areas as well. Be sure to check out this great resource: