After a truly stunning Spring market which lasted through most of the summer, things seem to be settling down in the sales market. There is still very little inventory, but buyer activity is also down, so the competition for properties has subsided a bit.
The real news is the rental market, which has suffered a major setback. There was a lot of September 1 inventory which did not get rented, and we have now entered a “renter’s market” for the first time in several years. This trend started in mid-August, when incoming inquiries at our office decreased dramatically and landlords started reducing prices and paying half fees. Now, with vacancies creating serious urgency for landlords, we continue to see prices coming down and some landlords paying full fees.
If you are sitting on a vacant unit, please speak with one of our rental agents as soon as possible to strategize on how to get it rented. You may be looking at a significant rent reduction at least in the short term, then we will see where the market is next year. Let’s hope it’s better than it is right now!