We are seeing great demand for rental condo suites in Liberty Village. In this newsletter we will examine the current rental market for 2 bedroom condos in Liberty Village and then compare the present situation with two years ago to see how rents have increased since early 2011.
Summary of Current Activity in Liberty Village Condo Rentals:
It’s clear that the current condo rental market is strong in Liberty Village. Almost all the condos that become available do get rented out. The Average Days on Market for a 2 bedroom condo rental is 15 days (The median number of days is only 9).
In the past 90 days there are have been approximately forty 2 bedroom condos rented out in Liberty Village. The rental rates for these condos ranged between $1800 per month on the low end up to $2800 per month on the high end. As can be reasonably expected, the amount of rent is related to the size of the suite. The rents for condos larger than 1000 square feet ranged from $2600 to $2800 per month. Rents for 2 bedroom condos between 800 to 999 square feet range between $2050 up to $2550 per month. Rents for 2 bedroom condos from 700 to 799 square feet are between $1800 to $2050 per month. All of these condos included one parking space.
Comparison with Condo Rental Market in 2011:
The Average Days on Market for 2 bedroom condos has decreased considerably in the past two years, down from 21 days in 2011. (The median days in early 2011 was also 21). The current rental rates for Liberty Village condos have increased across the board in the past two years. When we look back at the rental rates for the first three months of 2011 we find that rents for 2 bedroom condos from 700 to 799 square feet were $1650 to $1800, the rents for 2 bedroom condos between 800 to 999 square feet were $1900 to $2400 and the rents for larger than 1000 square feet condos were $2150 to $2700. (There appeared to be a temporary oversupply of 1000 square foot plus condos two years ago which resulted in a slightly lower range of rents for 1000+sf condos.) In summary, rents for 2 bedroom condos between 700 to 799 square feet have increased $150 to $250 per month since 2011 representing between a 9 to 14 percent increase. The 800 to 999 square foot condos have increased $150 per month representing a 6% to 8% increase in two years. The 1000 square foot condos have increased from 4% to 21%, based on this limited analysis.
As published in the most recent “Liberty Village Real Estate News” by the Camber Walden Group.