Back in November of 2009, when we began tracking MLS-listed homes and condos for rent in 14 downtown ZIP codes there were 1,927 units available. Available units fell to 739 this week, a decrease over 60%.
The new low was reached despite the fact that 225 new listings came to and remain on the market during the past week. This is an indication that new downtown rental listings are renting, on average, in well under a month.
The rapid absorption is due in part to condo rentals that are attractively priced compared to new rental apartment offerings, which are asking for and in some cases gaining rents of $3 per square foot per month. It’s not unusual to find condo rentals at well under $2 per square foot per month – a $1,000 a month difference on a 1,000 square foot two-bedroom unit.
You can see our data, by date and ZIP code, in this Google Docs spreadsheet.