July is one of the busiest months in terms of rental inventory, with the intersection of many renters still looking for September 1 and the wave of new September 1 inventory slowing, inventory is almost never higher. 

This July, we have over 50% higher rental inventory than last July, as interest rates continue to float around 7%, many buyers and sellers continue to hold off on selling, which results in more potential buyers looking for rentals and more potential sellers listing their properties for rent until interest rates come down. 

In 2024 to date, the average days on market is higher than 2023 to date. We continue to see a slightly slower market, which is a positive for renters, as they have a larger amount of inventory to choose from at one time.

Rental Marketing July 31, 2023 vs. July 31, 2024

(sourced from MLS)

Listing Units: 1509 vs. 2325
Median Days on Market: 39 vs. 51
Median List Price: $11,945.58 vs. $4,046.06
Median List $ / SqFt: $7.19 vs. $4.22

Closed Units (Sold): 5284 vs. 5173
Median Days on Market: 30 vs. 34
Median Days to Offer: 27 vs. 31
Median Sale Price: $3,620.09 vs. $3,743.64
Median Sale $ / SqFt: $4.42 vs. $4.16