Wednesday, April 6, 2022 / by Bryan Baylon
April 6, 2022 Market Update
New rental listings are arriving thick and fast now. The count over the past 4 weeks is 31% higher than at this time last year. However they are getting leases signed pretty quickly and the number of active listings is only 0.6% higher than this time last month. What should be more concerning for landlords is:
- active listings are up 44% from this time last year
- the average lease price per sq. ft. being asked has dropped from $1.80 to $1.69 over the last month, a fall of 6%
- the average lease price per sq. ft. being asked was $1.99 this time last year, so it has fallen 15% in 12 months
These are starting to look like significant changes of direction. The supply of rentals had been falling until August 2021 and the asking rent had been rising for many years until it peaked at $2.03 just over a year ago.
Market incites provided by the Cromford report.