Waterfront Rental Market Recap 2024 & 2025 Outlook
The Waterfront Rental Market in 2024 saw shifting demand, fluctuating rental prices, and varied days on the market. While some months experienced high leasing activity and competitive pricing, others showed longer listing times and renter-friendly conditions.
As we enter 2025, analyzing these trends will help tenants and landlords make informed rental decisions. Let’s explore how the Waterfront Rental Market performed and what to expect.
2024 Waterfront Rental Market Performance
📈 Rental Prices & Market Activity
- Highest Median Rent: $11,349 (January 2024)
- Lowest Median Rent: $3,261 (February 2024)
Rental prices saw significant fluctuations, with January experiencing a peak, while February had the lowest median rent.
The average days on the market (DOM) ranged from 16 to 74 days, with March recording the longest leasing time and August seeing the shortest rental periods.
🔹 Most rentals did not lease above the asking price, indicating that tenants had strong negotiating power in most months.
Quarterly Breakdown
Q1 2024 (Jan-Mar):
- January: 5 rentals closed, median rent $11,349, 57 DOM
- February: 7 rentals closed, median rent $3,261, 65 DOM
- March: 6 rentals closed, median rent $4,833, 74 DOM
Q2 2024 (Apr-Jun):
- April: 9 rentals closed, median rent $5,099, shortest leasing time at 40 DOM
- May: 6 rentals closed, median rent increased to $5,533, 62 DOM
- June: 8 rentals closed, median rent at $3,488, fastest leasing time at 18 DOM
Q3 2024 (Jul-Sept):
- July: 13 rentals closed, median rent $5,582, 31 DOM
- August: 5 rentals closed, median rent peaked at $6,740, fastest leasing time of 16 DOM
- September: 12 rentals closed, median rent dropped to $3,488, 29 DOM
Q4 2024 (Oct-Dec):
- October: 10 rentals closed, median rent $5,840, 50 DOM
- November: 6 rentals closed, median rent $5,708, 56 DOM
- December: 6 rentals closed, median rent $3,596, 48 DOM
Will 2025 Be a Renter’s or Landlord’s Market?
The Waterfront Rental Market is expected to favor renters in early 2025, as inventory remains high and landlords offer incentives to fill vacancies. However, by mid-year, demand is likely to increase, giving landlords better control over pricing.
Early 2025 (January – April): Renters will have more inventory and lower rental prices to negotiate.
Mid-to-Late 2025 (July – December): If demand rises, landlords will regain control, and prices may increase.
Landlords should adjust pricing strategies, while renters should lock in lower rates before demand spikes in summer.
For Renters 🏡
Best Time to Rent: January – April 2025 for the most negotiating power.
More Choices Available: High vacancy rates provide renters with better unit selections.
Lock in a Long-Term Lease: If rates drop, demand could surge, making early-year leases more attractive.
For Landlords 🏠
Best Time to List: April – September 2025, when demand is expected to be strongest.
Competitive Pricing Matters: Renters are cost-conscious so that overpricing could increase vacancy times.
Well-maintained units Lease Faster. Updated properties attract premium renters who are willing to pay closer to the asking price.
Are you thinking about renting or leasing in 2025? Contact me for a customized rental market analysis and expert guidance! If you are unsure what your best move is, check out my Sales Market Analysis or follow me on Instagram, where every Monday, I post how the sales market is doing in different areas, and on Tuesday, I post how the rental market is performing. You can also find these weekly reports on Facebook and YouTube to stay informed and decide what works for you.
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