This market report details the rental activity in the senior citizens' community of Leisure World in Silver Spring, Maryland. The report period is for activity during the month of April 2009. At the time of this report (5/11/2009), there are a total of 39 homes on the market for rent. The rents of these homes range from $850 for a one-bedroom condo to $2800 per month for a four-bedroom detached home. The average rent for these homes is $1,371. Eight of these units are new to the market during the month, down from the thirteen that were added during April of 2008. While the longest has been on the market for over a year (468 days), the average time on the market is very near four months (104 days). During the month of March, 22 units were rented or applications to rent were taken.
One Bedroom
Five of the 39 apartments on the market for rent are one-bedroom units ranging in rent from $850 to $1,300, with the average being $1309. Only one of the five is new to the market during the month, the longest on the market for over 11 months (341 days), the average being near four and a half months (137 days).
Four one-bedrooms were rented or applications taken during the month, ranging in rent from $800 to $1,315. Days on market ranged from near two weeks to just over ten months with the average being three months (94 days).
Two Bedrooms
Clearly a majority of the homes on the market for rent (29 of the 39) are the two bedroom apartments. These range in rent from $1,050 to $1,950 per month, with the average being nearly $1,360. While seven of the units were brought to the market in April the longest on the market is nearly a year month (347 days), the average again being nearly three months (88 days).
Sixteen two-bedroom apartments were rented or applications to rent were taken during the month. The rents on these apartments ranged from $950 to $1,700, with the average being $1,350. The average number of days these homes were on market was nearly 4 months (108 days). The longest period was a little over ten months (308 days).
Three Bedrooms
Currently there are four three-bedroom rentals on the market for rent. The listed rents for these homes ranged from $1,350 to $2,500, averaging $1,811 per month. Only one of these homes were new to the market during the month, the longest has been on the market for over 15 months (468 days), averaging near six months (184 days).
Two three-bedroom apartments were rented or applications taken during the month of April. They rented for $1,400 to $1,700 per month. The days on the market ranged from less than one month (20 days) to nearly four months (112 days).
Four Bedrooms
There is only one four-bedroom home on the market for rent at this time. This detached home, with attached two car garage is listed for rent at $2,800 a month and has been on the market for nearly three months (81 days). No other similar home was rented last month.
If I or my team can help with your real estate needs here in Leisure World of Maryland, please feel free to contact me by any of the following methods - my web page, email, or (301) 237-2277
Robert J. Force
Prudential Carruthers Realtors - Gaithersburg, Md.
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