Four months of $1,600/mo doubles. That’s the story in the rental market right now. Just stability at the price point that matters most.
Single family rents are sliding. Down from $2,275 in June to $2,200 in August. Days on market climbed to 38 days. The pressure is building on the entry-level rental market. Condos, on the other hand, are accelerating. They leased in 26 days in August, the fastest we’ve seen. Small multifamily is stuck. Rents dropped to $1,400 and units sit for 38 days.
Here’s what August actually shows.
The August Snapshot
Absorption is flat. Every property type is leasing at roughly 29% of active inventory per month. That’s equilibrium. Supply and demand are balanced. No segment is pulling away from the others.
But the rents and days on market tell a different story. Doubles are moving at 26 days. Condos just hit 26 days. Single family and small multifamily are both sitting at 38 days. There’s a two-tier rental market forming.
The 90-Day Trend
Single family has lost $75 in three months. That’s not noise. That’s a trend. Landlords are adjusting because demand has softened. Longer days on market force a choice: lower rent or wait. Most are lowering rent.
Doubles are the anomaly. Four months at $1,600. No budge. Families want doubles. They’re available. Landlords know the market. No reason to move.
Condos climbed $100 from July to August, back to $1,800. But here’s what matters: they’re leasing faster. Rents up, velocity up. That’s the direction landlords want.
Small multifamily compressed to $1,400, the lowest in the dataset. That’s not pricing strategy. That’s a market clearing action. Landlords are making a statement: “We need tenants, and we need them now.”
The Days on Market Trend
The fast-movers are doubles (26 days) and condos (26 days). They’re executing. Single family and small multifamily are stuck at 38 days, meaning they’re sitting almost 50% longer to find a tenant.
That delay is costly. Every extra week a unit sits empty is money lost. Landlords are making tradeoffs: accept lower rent and move units faster, or hold the line and wait.
Single family landlords are holding at $2,200 but sitting longer. Small multifamily landlords are dropping to $1,400 to move units. Both strategies are costing someone money.
What This Means for Renters
If you’re shopping for a rental, you have leverage. Single family homes are sitting longer, which means some landlords are negotiating. Small multifamily is pricing aggressively to fill units. Doubles are tight but stable.
If you’re in a condo, it’s a landlord’s market right now. They know demand is there. You’re competing.
What This Means for Landlords
If you own a double, you’re in the best position. $1,600 holds. Tenants move fast. No stress.
If you own a single family home, the market is softening. You can hold at $2,200 and wait, or drop price and move units. Three months of data says holding isn’t working.
If you own a condo, August was your month. Rents and velocity both improved. Lean into that momentum.
If you own a 3-4 plex, you’re facing a choice. $1,400 will find a tenant in 38 days. Holding higher will sit longer. The math is clear.
The Question You Should Ask
If you’re renting single family at $2,200 or a small multifamily unit at $1,400, run the math on a mortgage. The rental market is softening in those segments. Landlords are making concessions. That often means the gap between renting and owning is narrowing.
Whether you’re paying rent or a mortgage, you’re paying someone’s mortgage. The question is just whose.