Here are the numbers behind the increase in lease inventory.
For your latest real estate market update, I’ll share a quick word on inventory.
As you may know, inventory for residential real estate is incredibly low—not just in Pacific Palisades and Los Angeles, but the entire country. Inventory is down anywhere from 20% to 30%. Many homeowners have decided not to list their homes, and it has caused home prices to increase.
Conversely, inventory in the rental market has increased. Back in May, there were 109 properties for lease on the market in Pacific Palisades. That’s the highest number we’ve seen in 10 years. The previous high was 88 back in July 2016, and before that, it was 85 (July 2011). In July of this year, the total dropped to 87 properties before rising again to 94 in August.
As the number of residential properties for sale have decreased, people who didn’t want to list their homes are now offering them up for lease. As you can see, the lease market is getting softer, and we should see an inventory level somewhere in the 80s this September.
If you have questions about this or any real estate topic, feel free to call or email me anytime. I’d be happy to help.