Market Rents in our Market

Each quarter I summarize market rents. I noticed some striking things this quarter. Here's some observations from the wonderful world of Craigslist:

Average market rents seem to be at $1/square foot right now, regardless of bedroom size and features. A few are content with $0.75, some are pushing it to $1.15, but most are pretty close to the average. This is certainly an easy rule of thumb while it lasts. And a big improvement from $0.55/SF back in 2011.

One and two bedroom properties are renting for 15% more than three months ago. Yet 3 bedrooms are flat. We've increased rent a bit on our long term tenants, which goes into effect this month.

Also, realized it has been over a year since a four bedroom rental was listed in my rental neighborhood! I show 31 properties that have been listed as rentals in the past six years. We have one four bedroom. Looks like we could be charging more for it. At $1/SF it should rent at $1,100 and we are currently getting $970. It's traditionally difficult to rent. If the other four bedrooms aren't seeing much turnover, why is ours...

In my market the jump in cost form one bedroom to two is $150/month, and the jump from two to three bedroom is $100/month.

Deposits are back to the equivalent of one months rent. This has been a nice gradual recovery now that applicants can afford a healthier deposit again.