Indianapolis Property Management Update: Rental Statistics Q1, 2020
As we wrap up the first quarter of 2020, the rental stats are certainly not the star of this show.
This quarter brought with it a worldwide pandemic that turned everything upside down, and, I’m sure has left many of you with questions and concerns about the market.
The current social distancing measures put into place have changed the game for our industry, but we’re finding ways to adapt.
When it comes down to it, people need a place to live and so our essential business will find ways to navigate these uncharted waters.
Let’s take a look at the numbers and see how the Covid-19 crisis has affected our rental market this quarter.
Quick Central Indiana Rental Market Overview
There were a total of 1,075 homes that leased through out local MLS in these 8 respective areas throughout Central Indiana – up by 19 compared to last quarter and almost dead even with Q1 of 2019.
So, leasing activity has remained pretty consistent.
Average total rents trended down slightly as well from $1,578 last quarter to $1,546 this quarter. However, average rents were only $1,300 in Q1, 2019, so a huge jump there year over year.
T&H Realty Services’ Perspective
While we certainly feared the impact Covid-19 would have on our showings, leasing, rent payments, etc., we are happy to report we have not seen much slowdown as of yet.
Our rental activity is solid thanks to the help of the self-showing technology Rently that we have employed for the last few years now.
We’re also happy to report that we’ve already collected more than 90% of April rent.
Leasing Your Indianapolis Rental Property During Covid-19
We know vacancy is a huge concern for property owners – and not just during a pandemic.
However, you’re likely a bit more concerned with the thought during these uncertain times, and we don’t blame you.
With many people losing their jobs and other economic factors, things could get ugly.
But you may be relieved to hear that based on our recent rental activity numbers which we track weekly, we have yet to see any slowdown or cause for concern.
You can read more at the link below!