Indianapolis Property Management Update: Rental Statistics Q4, 2018
Happy New Year, everyone!
It’s time to recap last Quarter’s rental activity in Central Indiana, as well as examine 2018 in whole.
In short, as we’ve noted many times in this blog, the rental market remains healthy in Central Indiana.
While we did just experience our first snow storm of the season, this Winter has been extremely mild, which, I’m sure, helped generate more activity than we normally see this time of year.
Quick Central Indiana Rental Market Overview
As expected, the market did slow a bit between Quarter 3 and Quarter 4 due to expected seasonality. This past Quarter, however, saw a marked increase in activity when comparing Q4, 2017.
In Indianapolis, 521 homes rented through our local MLS system in Q4, 2017. That number jumped to 672 homes in Q4, 2018, which represents a 29% increase.
Average rents did fall to just $1,134 for the quarter (compared to $1,185 in Q4, 2017) while Days on Market were slightly lower: 40 compared to 42.
As noted above, 2018 in whole proved to be another solid year for Central Indiana investors.
On average, Indianapolis saw 717 homes rent each month, up from an average of 666 homes rented in 2017. Average rents ticked up $1 to $1,173 while Days on Market remained steady at 40.
Fun fact: Carmel finished the year with an average rent of nearly $2,000 per month, coming in at $1,998. Before you get to excited, however, the Days on Market for Carmel was more than a week higher than Indianapolis at an average of 48.
T&H Realty Services’ Perspective
To say 2018 was busy for us is a HUGE understatement.
We took on a record number of new properties during the year and also helped a record number of investors buy and sell properties.
In addition, we added some fantastic staff members to our group in 2018 and will likely be adding more as we progress into 2019.
So, from a growth standpoint, it was a record year.
We finished the year with an average Days on Market right at 30 days, which is significantly lower than the average of our collective competition. We’re very excited about some new marketing initiatives we recently launched that will no doubt make our rental marketing program even stronger.
And while we did see a slowdown last Quarter, our activity so far this month, like every January, has been brisk.