Monthly Rental Market Report – October 2023

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October’s data highlights a shift in pricing dynamics for one-bedroom units, with furnished accommodations experiencing a notable upswing in average prices, as opposed to a decline in the cost of unfurnished units. Notably, unfurnished one-bedroom units are now, on average, $220 more budget-friendly than their furnished counterparts as of October. Landlords who furnish their units can not only command higher rents but also position themselves advantageously in the competitive rental landscape. Unfurnished rentals continue to not only attract cost-conscious tenants but also offer a quicker leasing process, thereby reducing vacancy periods.