Rental Market Statistics

Over the years I have always done a “count” in Sunday’s paper to see how many properties were for rent in any given area. This is certainly helpful in deciding what to charge for an upcoming vacancy as well as to get a current picture of the rental market.

Apartments and Houses for Rent - 9/23/2006
City	Type	Number	Low	High	Average	Comments
Bermuda Dunes	House	4	1,200	2,000	1,549
Bermuda Dunes	Apartment	9	915	1,100	998	Low = 1/1
Cathedral City	House	19	695	2,200	1,532	Low: 1/1; High: 3 +, 2700 sf
Cathedral City	Apartment	17	613	1,250	898	Low: 55 +
Desert Hot Springs	House	28	525	2,000	1,038	Low: 1/1; High: 15 acres 3/2
DHS - New Homes	House	17	1,000	1,800	1,302
La Quinta-Cove	House	18	995	1,795	1,411
Palm Desert	Apartment	16	735	1,850	958	Low: 1/1; High: 3/2, 1900sf, pool, spa
Palm Desert	House	40	1,150	2,800	1,667
Palm Desert	Condo	17	850	1,995	1,228
Palm Springs	Apartment	39	525	1,050	784	Low: 1/1; High: 2/1, mexican tile, patio
Palm Springs	House	28	1,050	2,700	1,697	High: The Enclave, 3/3 new w pool/spa
Rancho Mirage	Apartment	2	950	1,100	1,025

Note the number of properties available! Two years ago for Cathedral City, there were about 10 each week and Desert Hot Springs would only have five or six.

I believe the current increased inventory is from investors who purchased homes to “flip.”

Now that the market has changed, they are unable sell at a profit and are putting these on the market for rent, causing rents to fall and vacancy rates to rise. Hopefully the market will absorb these properties in order to stabilize the situation.