The rental market can be a beast to wrap your arms around. Most listings only show up in certain places, and when they do they often provide limited information (ie: missing square footage). Priced well they may only appear for a couple of weeks and then they are gone, presumably rented. Since the data is not great, any analysis of the rental market is often half baked. So I thought, why not contribute to that mess?
The following study is derived from the Corcoran Taxi database. We do many rentals, but its probably fair to say that we don’t command the kind of market share in rentals as we do in sales. Its also not totally empirical. In order to study rent per square foot, I could only include apartments that have square footage listed which is probably less than half. I also exclude listings more than 2 months old. And I didn’t personally look at any of them, I have no idea which ones have amazing features / finishes and which ones are on the other end of the spectrum.
Finally, all I did was take the cheapest and most expensive and calculated the midpoint. I don’t provide the mean, median or mode and this could easily be skewed by a dirt cheap or super high end listing. That said, the results for the most part seem to pass the smell test. Certainly room left for additional analysis.