Rents up, inventories down sharply for MLS-listed downtown condos

We’ve been tracking MLS-listed downtown homes and condos for rent weekly since November of 2009. At that time 1,927 units were available in 14 downtown ZIP Codes.

As of today only 685 units are available for rent, 64% fewer than when we began tracking, 35% fewer than a year ago, and 8% fewer than at the same time last week.

This is the first week we’ve seen the rental inventory drop below 700 units. Based on the current pace at which units are being rented, there’s a scant 4-week supply available in our downtown ZIP Codes.

You can see all of our data, by date and ZIP code, in this Google Docs spreadsheet.

According to Baird & Warner’s Ted Guarnero, a two-tier pricing market has developed, with updated units renting overnight at a substantial premium to units that need an update.

“The same home that we were helping people find two years ago for $1,700 is $2,100 today,” Ted reported. “The ones with hardwood floors and in-unit washer / dryers in pet-friendly buildings are gone in a day. Two years ago that unit would sit on the market for up to 90 days.”

The units in highest demand, according to Ted, are “dog-friendly, with parking and hardwood floors. There’s also another price point for units that are in terrible condition, and even those are being rented.”

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