Slow season is upon us again. You can see from the chart that the total rentals advertised is very low. In talking with our peers there is no real consensus as to how the market will trend this Spring and Summer. There are a lot of factors that will affect the market. These include:
- the number of actual rentals available. The most significant variable will be the interest rates. These are still artificially low as the real estate market struggles to off-set increases in the prime rate. This will also be affected by the number of people working to sell their properties and take them off the rental inventory.
- the number potential renters coming into the area. All it takes is jobs and the indicators are hopeful.
- we may also see some effects from the student market. Last year we saw an increasing number of students pass up the higher prices rentals on the Hill to move out into the suburbs and save significantly on rents.
We are all hopeful that the market will improve for this next season.
