The Central Rental Market Machine chugged right along during this year’s Third Quarter, posting some impressive numbers, particularly in Indianapolis.
Generally, prices are steady, number of rented homes are up and days on market are down.
All of which are good numbers for Landlords.
Quick Central Indiana Rental Market Overview
As noted above, Indianapolis recorded the shiniest numbers of all Central Indiana markets.
According to statistics pulled from our local MLS system, 713 Indianapolis homes rented in Quarter 3, which is up significantly from Q3 of last year, where 576 homes leased.
Average rents in Indy came in at $1,195 per month, which is right on this year’s average while Days on Market were just 32 – which is the lowest we’ve seen since we began tracking these numbers back in 2012.
T&H Realty Services’ Perspective
While the 3rd Quarter was solid, we’ve seen a drastic slowdown, as expected, in the 4th Quarter.
For those of you new to the Indianapolis market, we’re very cyclical. The rental market, much like the overall housing market, is driven by school systems.
Since most schools throughout Central Indiana began in late July/early August, the housing market will slow accordingly.
That, accompanied by cooler weather that we’re starting to receive, has caused a natural and expected slowdown.
We still receive multiple rental applications each day and sign multiple lease agreements each week, but our overall leasing activity is definitely down.
As we recently discussed with our Clients who have homes on the market, it’s critical to be aggressive with price and, as always, condition is very important, particularly when Tenants have so many choices.
Our team is constantly evaluating price, showing levels, and showing feedback to provide Clients the best guidance to minimize vacancy. Details matter and we’re here to handle them.
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