Residential rentals are seasonal, with most starting in the Spring or Summer months. The peak of rentals in Greenwich, Cos Cob, Riverside and Old Greenwich, CT is between April and August, and the vast majority are for long term leases. There is plenty of demand for short term summer rentals, but inventory does not begin to meet demand. Of the 706 rentals so far this year, 16 were reported as summer rentals.
Newcomers with children often like to coincide a move with summer so as to avoid a change in schools mid-year. Other renters may be those who have recently sold their home during the Spring Season and plan to rent for a year while looking for another home. So demand tends to rise in the Spring in anticipation of moves and then tapers in September and through the winter months.
New rental listings tend to follow a similar pattern with an increasing number of new listings coming to market in the Spring and early Summer.
The rental market in Greenwich, Cos Cob, Riverside and Old Greenwich is flat year to date as compared to last year. During the peak season of April through August this year single family (220) and condominium (107) rentals constituted 70% of the leases. The remaining leases were primarily for apartment and multi-family units. Single family rentals, which typically have higher rental rates, represented 70% of the volume. The average rental rate throughout Greenwich, Cos Cob, Riverside and Old Greenwich, including all property types in 2018 is $5,900, up from $5,684 in 2017, as rent rates continue an upward trend.
While the best units may be picked up during the peak season at a price, more bargains may be had in the following months. Demand and supply tend to increase together, with demand outpacing new supply during the peak season. Thereafter, demand falls off rapidly, while remaining inventory lingers on the market.
Looking at the monthly average since 2014, rental rates do tend to decline in September and the immediate months thereafter as owners of properties that failed to rent during peak months may be making concessions. Landlords may want to make a deal now, or plan for a longer hold between tenants.
Thank you to my rental clients this summer! I will look forward to seeing you around town. Here I am with a gift of stunning orchids from a family who moved from overseas in August. Welcome and thank you! I will look forward to seeing you soon!