Inventory has dipped and demand is very high in January traditionally. Supply will be an issue throughout spring. Rental Homes with pools are in very large demand. Absorption has decreased tremendously and with the mortgage credit crisis and valley demand for housing, it is not surprising at all!
Units Leased:
- February 2008: 1632
- January 2008: 1500
- December 2007: 1156
November 2007: 1452
October 2007: 1501
December 2006: 1052 - January 2007: 1262
Average Monthly Rental Rates:
- February 2008: 2788
- January 2008: $1500
- December 2007: $1531
- November 2007: $1493
- October 2007: $1511
- January 2007: $1295
Median Monthly Rental Rates:
- February 2008: 1200
- January 2008: $1200
- December 2007: $1295
- November 2007: $1200
Thanks Diane! It is proof of the pent up demand for housing (whether rental or purchase) in our market.