Savin Hill Rental Analysis

Savin Hill Rental Market Performance: A Look at 2024 and What’s Next for 2025

The Savin Hill rental Analysis shows that the market experienced notable shifts in 2024, with fluctuations in demand, pricing, and rental trends across different apartment sizes. By analyzing the past year’s data, we can identify key trends that shaped the market and provide insights into what landlords and renters might expect in 2025.

Rental Market Highlights in 2024

Throughout the year, rental demand in Savin Hill remained strong, with key fluctuations in average rent prices and days on the market. Here’s how the market evolved:

• Rents for Studios and One-Bedroom Units Remained Competitive
  • In the first quarter, one-bedroom rents averaged $2,150, while studios averaged $2,900.
  • By the second quarter, one-bedrooms slightly increased to $2,400, reflecting seasonal demand.
  • Peak demand in summer pushed one-bedroom rents higher, reaching $2,875 – $3,302 in Q3.
• Two-Bedroom Units Experienced the Most Growth
  • In early 2024, two-bedroom units averaged $2,751 but significantly jumped to $3,121 in Q3.
  • This increase was primarily driven by renter demand for more space and a tight inventory in Savin Hill.
• Three-bedroom rents Showed Stability with Seasonal Peaks
  • Three-bedroom units remained in high demand, with prices averaging $3,204 in Q1.
  • By Q3, demand surged, pushing rents to $3,418 – $3,500 before stabilizing toward the end of the year.

How 2024 Compared to 2023

Comparing 2023 to 2024, rents increased overall, with one-bedroom and two-bedroom units experiencing the highest year-over-year growth.

• The most significant jump was in two-bedroom rentals, rising over 13% compared to 2023.
• Studio rents remained stable, fluctuating only 4% from the previous year.
• Three-bedroom rents increased slightly, showing a 5% year-over-year growth.

Factors Impacting the Savin Hill Rental Market in 2024

1. Seasonal Demand & Market Cycles
   • Spring and summer saw the highest rental activity, while winter had slower leasing periods.
2. Economic Conditions & Inflation
   • While inflation eased in 2024, the cost of living increases pushed rental prices higher.
3. Interest Rates & Homebuying Trends
   • Higher mortgage rates in 2024 kept more renters in the market, driving rental demand.
   • Many potential buyers opted to continue renting instead of purchasing, increasing rental competition.

Outlook for 2025: What Can Renters and Landlords Expect?

Looking ahead to 2025, several trends could shape the Savin Hill rental market:

• Rental demand will likely remain strong, especially for larger units, as affordability pressures delay home purchases.
• Two-bedroom and three-bedroom rentals may see continued price growth, driven by renter demand for more space.
• Potential stabilization in mortgage rates could lead to some renters shifting to homeownership, slightly easing rental competition.
• Seasonal price trends will continue, with spring and summer bringing the highest rental rates.

For landlords, this means continued high demand, especially for larger units. For renters, planning leases around seasonal pricing trends could provide better opportunities for securing competitive rates.

Are you considering renting or investing in Savin Hill? Monitor market trends and adjust your strategies to stay ahead of the market.

Rental Price Trends in 2024

• This line graph shows how rental prices for studios, one-bedroom, two-bedroom, and three-bedroom apartments changed month-to-month.
• Two-bedroom and three-bedroom units saw the most significant fluctuations, while one-bedroom and studio rents remained more stable.
• The highest rent peaks occurred in April and October, indicating seasonal demand shifts.

2023 vs. 2024 Rental Price Comparison

• This bar chart compares the average rent prices for different apartment sizes in 2023 and 2024.
• Two-bedroom and three-bedroom units saw the highest year-over-year increase, reflecting strong demand.
• Studio rents remained relatively stable, showing minimal fluctuation over the years.

Hopefully, this rental analysis can help investors wondering how to set their rents for the 2025 rental season or renters wondering what the rental market might be like in 2025. If you are a buyer, Seller, or Investor, I recommend you check out the Single-Family or Condo Market Analysis. If you have additional questions about the Sales or Rental market, I am happy to schedule an in-person meeting, Zoom meeting, or phone call. Contact me today. The Rental Season will soon be here, and having that proper knowledge can help make almost anyone make the right decision for them.