The data above is compiled by ShowMojo. They are a company that coordinates rental showings for residential rentals. It helps explain what some of you have experienced in the first four and a half months of 2024.
Much slower rental turns due to days on market.
This data is produced from more than half a million successful residential leases facilitated through the ShowMojo platform. The data runs through March 2024.
ShowMojo states:
Based on market times, this is the worst March rental market since the start of our records (2017). Compared to 2023 and 2022, this March’s market times were 5% and 36% longer, respectively. Unfortunately, this isn’t new. Starting in June 2023, on-market times have remained historically high.
In the accompanying report, in response to slower marketing times:
-More owners are accepting pets- dogs up 12% and cats up 8% -More leasing managers are allowing showings without prescreening questions. In fact, almost 5% of rentals were not prescreening at all.
At WILMOTH we are focused on the following.
-making sure all listings are syndicated to all major websies -optimizing showing availability to provide the most flexibility to interested applicants -responding and communicating quickly to questions and offering multiple platforms interested parties can use for communication with us -tracking, measuring, and reporting on listing performance to identify when a change is needed in a rental offering and its message. -all our rentals are pet-friendly with proper precautions taken to mitigate pet related risks.
In July we celebrate 30 years of serving residential investors. Not many people in our industry have this lengthy of a resume. We have seen multiple cycles like this. We have been prepared for some time. by making the above steps a part of our daily processes.
As always, let us know if you have any questions. We look forward to serving you!
WILMOTH Team
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