As our entire Staff can attest, the best part of 4th Quarter, 2019 -- as far as the rental market goes -- is that's it over.
Yes, as expected, the rental market tightened up in the last three month's of 2019.
While the numbers weren't all horrible, we're all happy to start a New Year.
Quick Central Indiana Rental Market Overview
In Indianapolis, 710 homes rented in Indianapolis through our local MLS, which, in itself, isn't a terrible number by any means.
However, average Days on Market (DOM) jumped to 41 in that same time frame, suggesting a drop in demand.
Again, because the Indianapolis market is so seasonal, the slow down was to be expected and not necessarily a reason for concern.
Average rents, incidentally, dipped to $1,212 (down from $1,231 in the 3rd quarter).
Year In Review
Overall, 2019 was a solid year for rental investments in Central Indiana.
Average rent rates in Indianapolis, for the first time since we began tracking numbers back in 2015, eclipsed the $1,200 mark for the first time.
Average rents for the entire year came in at $1,208, which is a nice bump from 2018, where rents averaged $1,173.
In addition, average DOM trekked steadily, coming in at 39 in 2019 as compared to 40 in 2018.
T&H Realty Services' Perspective
As we noted above, we're all happy to be done with our slow season.
Almost like clockwork, our activity has picked up dramatically during the first two weeks of January.
Showings: Way up.
Applications: Way up.
Available Inventory: On the way down.
And we really expect to be in this mode for the next several months.
A big theme for every rental statistics update is seasonality.
It plays a huge role in our rental market as I'm sure you can see that from the data.
Dive a little deeper into what drives our seasonal rental market at the link below: