Rentals December 6, 2021

Inventory Takes a Huge Hit in November, Is Increased Rent in Our Future?

The housing market is no different than any other market. It is driven by supply and demand.

So, despite rents continuing to drop and days on market growing, a 21.4% drop in inventory may put the squeeze on renters. With a massive decrease in supply, renters may have to pay more in December to secure a home. That is if landlords are comfortable being patient with their properties. Days on market for single family homes went up another 4 days in November (a 16% increase).

Here is a summary of November and the past 6 months.

  • Days on market continue to increase since June, going from 13.4, 16.3, 19.1, 22.0, 24.4, 28.3 days each month, respectively.
  • Rents have averaged $2,321, $2,338, $2,288, $2,304, $2206, $2,159 in November.
  • Meanwhile, new inventory in June was 388 units (single family and townhomes), July 374, August 399, September 450, October 486, and back down to 382 in November.

 

 


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