January Chill is in the Air!
We have seen a spike in active rental units as compared to 2014. In Fairfax county Virginia there is 1255 available units as compared to 967 units available in January 2014, a 23% increase in AVAILABLE rental units. We consider anything more than 15% out of norms but we are not too concerned because one month is not a trend.
We started tracking active units in 2014 so we really don't have solid evidence of a problem. Our only clue at this point is the days on market (DOM) which represents how many days a rental listing is in the MLS and it appears rather high compared to last year.
The days on market (DOM) which is a result of higher than usual inventory of rental units. 65 Days on market may be a record or at least a record in recent memory.
This report is prepared monthly with data collected from MRIS. Circle Property Management is a Licensed Broker and a member of NVAR, a user of the MLS service provided my MRIS. We make every effort to collect the data but provide no guarantee of the statistical data in our charts.
About The Author
Eric Guggenheimer - SFR, ARM ® » Principal Broker, Certified Property Manager, IREM, ARM, NARPM, NVAR, NAR, VAR
