Indianapolis Property Management Update: Rental Statistics
The 3rd Quarter statistics are finalized and the numbers are certainly both interesting and encouraging for Indianapolis Landlords.
In short, rents are on the rise and days on market are low, indicating a strong demand by Central Indiana residents in search of rental properties.
Quick Central Indiana Rental Market Overview
As expected, the number of rented homes did dramatically decrease during the 3rd quarter (only 576) but average rents shot to $1,234 per month, as compared to $1,154 during the 2nd quarter this year.
Along with that, the average days on market (DOM) moved from 36 in Q2 to only 33 in Q3.
The trend of higher rents and lower DOM was prevalent throughout most Central Indiana markets as well.
Hamilton County, for example, turned in some sparkling numbers: Carmel rents went from $1,891 to $1,954, with DOM dropping from 46 to 35. In addition, Fishers went from $1,603 to $1,609 and saw DOM reduce from 46 to 35.
T&H Realty Services’ Perspective
As expected, our leasing activity continued its torrid pace into the 3rd quarter.
Applications were steady and we’re proud to report record-setting days on market of just 12 for both July and August.
We finished the quarter with an average of 17 days on market, compared to the city-wide average of 33.
Indianapolis Is a Seasonal Market
While the numbers so far this year are impressive, we continually stress to our customers that Indianapolis is a seasonal market.
We’ve already recognized some slight slowing of the market as we progress thru October, which is to be expected.
So, if you currently have a home on the market, or soon plan to, you’ll need to use the proper data when pricing your property. It’s critical to assess your comps during the same period of time you plan to go on the market. For example, if you plan to list your home on November 1st, review your neighborhood’s pricing and corresponding DOM for that time period last year.
In most areas of Central Indiana, many fewer people are on the move during the cold months, demand is therefore less, so you’ll need to plan accordingly.
If you are a customer of ours, we’ll obviously consult you on the optimal rent price to minimize your vacancy.
Recent Blog Posts
Check out some of our recent posts and please subscribe to our blog to automatically receive these updates.
- Should My Property Management Company Own Rental Real Estate
- Pros/Cons: Renting My Home to Family and Friends
- 7 Property Management Blogs Every Landlord Should be Reading
- 7 Tips to Convert Your Primary Residence Into a Rental Property