Leisure World of Maryland - Market Report - Rentals - July 2009

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 July 2009.   At the time of this report (7/29/2009), there are a total of 42 homes on the market for rent.  The rents of these homes range from $900 for a one-bedroom condo to $2800 per month for a four-bedroom detached home.  The average rent for these homes is $1,352.   No significant change in the number of homes on the market of the average list price, since last month.  While the longest has been on the market about a year (363 days), the average time on the market is near three months (83 days).  During the month of July, while 18 units were added to the market 21 units were rented or applications to rent were taken.

One Bedroom

Ten of the 42 apartments on the market for rent are one-bedroom units ranging in rent from $900 to $1,150, with the average being $1033.  Five of the ten are new to the market during the month, the longest on the market for near eight months (230 days), the average being near two months (51 days). 

Only one one-bedroom apartment had an application to rent after being on the market for only 17 days.  The last known listed rent was $1,100. Three one-bedroom apartments were also rented during the month, ranging in rent from $795 to $1,150. Days on market for these apartments ranged from less than a week (6 days) to near a month and a half (42 days) with the average being near three weeks (22 days).

Two Bedrooms

Clearly a majority of the homes on the market for rent (26 of the 42) are the two bedroom apartments.  These range in rent from $950 to $1,825 per month, with the average being $1,372.  While eleven of the units were brought to the market in July the longest on the market is nearly a year month (363 days), the average again being nearly three months (95 days).  

A total of fifteen two-bedroom apartments were rented or applications to rent were taken during the month.  The rents on these apartments ranged from $1,000 to $1,750, with the average being $1,238.  The average number of days these homes were on market was nearly 3 months (98 days).  The longest period was a near nine months (280 days).

Three Bedrooms

Currently there are five three-bedroom rentals on the market for rent.   The listed rents for these homes ranged from $1,350 to $1,750, averaging $1,600 per month.  While two of these five apartments are new to the market this month,  the longest has been on the market for near five months (141 days), averaging near two  months (55 days).

Only two three-bedroom apartment was rented during the month of July.  These apartment rented for $1,050 and $2,100, and had been on the market for an average of  two months (57 days). 

Four Bedrooms

There is only one four-bedroom home on the market for rent at this time.  This detached home, with an attached two car garage is listed for rent at $2,800 a month and has been on the market for over five months (160 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.