Time on the market is a useful metric the multifamily industry can use to track the rental market along with other indicators including median rent and vacancy.
There is a strong relationship between time on the market and price, according to Apartment List, which recently introduced a time on the market data series. Landlords and property managers have more incentive to reduce rent to attract new tenants the longer an apartment sits vacant. Apartment List’s data shows that asking rents drop $10 for units that sit vacant on its platform for two weeks. For units listed for more than three months, asking rents fell more than $50.
In addition, the data found that time on market is highly seasonal, with apartments renting more quickly in the summer when housing demand is high. During the winter when fewer people are moving, it can take up to one extra week to fill a vacant unit. Apartment List said this correlates with asking rents, which are also seasonal.
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