The local rental market continues to be a renter's market. The chart here shows there are approximately 1,106 advertised rentals in the Daily Camera this week. This compares to 467 and 1,498 advertised rentals at this same period in 2002 and 2003 respectively. Hopefully, this indicates we hit the rental market low point last year and this year, although still not normal, is showing signs of improvement.
These number are also supported by the increase in the total number of calls we are receiving for available rentals. Showings are already picking up even though these prospective tenants are still shopping heavily. Rent continues to be the deciding factor. A close second is air conditioning as we are already setting heat records here in the area.
According to our sources in the property management industry everyone is seeing these same trends. There is a great deal of optimism for the peak season (July & August) this year. Some of the analysts are giving tentative predictions that summer 2005 will be much closer to normal as the local economy improves. We will keep you aprised of the trends each month.
