The market is changing. As you can see from the chart above we are still seeing a more normal number of rental properties on the market for this time of year. The number of advertised rentals is more in line with the numbers back in March 2003. These numbers were significantly higher in 2004 & 2005. The improving trend continues.
We are also seeing some of the recent rentals leave the market altogether. Our theory is that some of the owners of these properties are now taking their houses off the market and putting them up for sale. If this is the case, this is good news for the rental market. Lower numbers of rentals means it will be easier to rent and that rents will begin to increase again.
However, it remains to be seen what the real estate sales market will do and how that will eventually affect the rental market. We should start seeing the these effects by early May. Until then we will all keep our fingers crossed for the 2006 rental season.
