Central Indiana Rental Market Update – A Record-Setting Quarter
Sorry I’m a little tardy with this report. To say we’ve been busy is an understatement. And to say the Central Indiana rental market is hot right now is another understatement.
After putting the numbers together, we discovered not one, but two records were set during the quarter.
There’s clearly a healthy appetite out there by investors for rental properties and a healthy appetite out there by Tenants for rental homes.
Quick Central Indiana Rental Market Overview
Indianapolis recorded 833 homes rented during the second quarter according to statistics pulled from our local MLS system.
According to our records, that’s the most homes ever leased in a single quarter in Indianapolis.
Average rents in Indy stayed steady at $1,154 while days on market were only 36 — a very respectable number.
Indianapolis wasn’t alone.
All central Indiana markets (except Zionsville) showed a surge in rented homes from Quarter 2 of last year to the same quarter this year.
Generally, prices between the two quarters trended down slightly while days on market across all Central Indiana markets were a little higher.
T&H Realty Services’ Perspective
I think our staff would agree that we’ve never experienced a busier stretch in our business than this year’s second quarter.
While activity this time of year always increases, we added a significant amount of new homes to our management, along with four new employees. And we’re still in search of one additional office staff!
We are very proud to report that we leased homes in June of 2017, on average, in just 13 days, which is a new record-low for us. This is compared to an average day’s on market of 36 by our collective competition.
And really, there’s not much of a slow-down. Even though school has started in most areas in Central Indiana, there are still plenty of people on the move. We’ll be interested to see if this brisk activity continues into the Fall.