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Market Summary for the Beginning of June

On March 21 we reported the steep decline in ARMLS rental inventory that occurred between summer 2009 and spring 2010.

Inventory levels remained low and reached a minimum of 5,765 on May 4, but then started to rise again. The rate of increase has accelerated since the beginning of June and the current level is 6,169, of which 3,375 are single family detached. There are now 10% more single family detached rentals available on ARMLS than one month ago. This is still low compared with historical levels – there were 5,136 single family detached rentals available on June 10, 2009. However it seems that landlords have responded to the shortage and are now adding some inventory to meet the demand.

Rental rates (averaged for all areas and types) are currently 69.4c per square foot, and at the same date last year they were 67.7c per square foot. That’s an annual increase of 2.4%, but all of the increase has occurred since March 7, 2010 when a low point of 65.4c was reached. These figures are based on leases signed, not on average asking prices which are much higher (92.6c at present) and still coming down.

Of course ARMLS represents only a small part of the total rental market, but we believe it is large enough to form a representative sample of the single family market. The multi-family market is quite different and is not one which we cover.