New: 🧠 Market Minds Issue #021

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Landlords Holding Off On Renter Incentives

A new analysis by Zillow has revealed a slowdown in rental concessions as the spring and summer leasing season approaches. In February, only 32.2% of rentals advertised incentives.

In terms of regional trends, renters are most likely to find incentives in markets across the South and Midwest. Here are the cities with the largest share of rentals with concessions:

• Salt Lake City: 60.3%

• Austin: 55%

• Charlotte: 53.5%

• Dallas: 50.7%

• Raleigh: 50.6%

• Nashville: 49.9%

• Washington D.C.: 49.4%

• Minneapolis: 49.4%

• Phoenix: 48.8%

• Denver: 48.1%

Anushna Prakash, a data scientist at Zillow, predicts that rental concession rates will continue to decline throughout the spring and summer as lease signings and renewals reach their yearly peaks.

Listings Are Heating Up

New listings have seen a substantial rise of 15%, the biggest increase since June 2021.The surge in listings has attracted buyers back to the market, as evidenced by the increase in mortgage-purchase applications and Redfin's Homebuyer Demand Index. Both indicators have shown a month-over-month increase of approximately 9%.

Despite the growing inventory, price growth has not been dampened. The median U.S. home-sale price has risen by 5.3% compared to the previous year, marking the second-largest increase since October 2022. Furthermore, the median monthly mortgage payment is only $31 away from reaching its all-time high.

If You Have It, Show It Off!

Zillow has found that homes featuring popular outdoor trends, such as outdoor TVs, outdoor showers, and outdoor kitchens can help homes sell for as much as 3.1% more than expected.

Certain trendy or viral features can attract more competing buyers, leading to a faster sale. For example, rounded corners, which are popular in contemporary furniture design and now architecture, can help a home sell six days faster than similar homes without this feature. Similarly, homes that mention a plant ledge in their listing description get snapped up more than five days faster than expected. And statement terrazzo tile can help a home stand out and sell nearly four days faster.

Highlight these features in your next listing or consider incorporating them into your next flip to command a higher price.

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One-of-a-Kind Kitchen

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TL;DR (Too Long; Didn’t Read)

Landlords are offering fewer renter incentives as the spring and summer leasing season approaches, with only 32.2% of rentals advertised incentives in February according to Zillow.. Meanwhile, a surge in new home listings, up by 15%, has attracted buyers back to the market, despite continued price growth with the median U.S. home-sale price rising by 5.3% compared to the previous year. Additionally, homes featuring popular outdoor trends such as outdoor TVs, showers, and kitchens can sell for up to 3.1% more than expected, according to Zillow, with certain features like rounded corners and plant ledges leading to faster sales.

Have a great weekend - we’ll see you next Saturday.

Cheers 🍻

-Market Minds Team