What is going on with this rental market?

June 16, 2025
9:24 am

Why Is the Rental Market Slower Right Now?

If your rental seems to be taking longer to lease, you’re not alone. Here’s what’s happening in our local market — and what you can do about it:

More Homes Available: There are simply more homes for rent right now, so renters have more options. That means it may take longer for a property to lease than it did just 6–12 months ago. Renters have more choices — and they’re taking their time.

Cautious Renters: With the cost of living up and wages not rising as quickly, many renters are being selective, renewing current leases, or holding off on moving.

Higher Rent Expectations: Rental prices soared in recent years, but demand has cooled slightly. Renters are price-sensitive and will skip over homes they feel are overpriced.

Summer is still busy, but with economic uncertainty, some people are choosing to renew their leases or move in with family to save money — even when they’d rather not!

Sales Market Shift: With high interest rates, many would-be sellers are becoming accidental landlords — which adds to rental inventory and increases competition.

BONUS TIP: Be Pet Friendly!

Roughly 70% of renters own pets — and many of them cannot consider your property if you don’t allow animals.

Pet-friendly homes lease faster, attract a wider pool of tenants, and often command slightly higher rents. We can help you screen responsibly and protect your property while welcoming great pet-owning tenants.