This market report details the rental activity in a senior citizens community of Leisure World in Silver Spring Maryland. The report period is for February 2009. At the time of this report (3/8/2009), there are a total of 50 homes on the market for rent. The rents of these homes range from one-bedroom co-ops listed for $800, including utilities to a four-bedroom detached home for $2800 per month, with the average rent for these homes is $1,134. Sixteen of these are new to the market during the month, down slightly from the 28 which were added during February of 2008. While the longest has been on the market for over a year (404 days), the average time on the market is just short of three months (88 days). During the month of February, thirteen units were rented or applications to rent were taken.
1 Bedroom
Eight of the 50 apartments are one-bedroom units ranging in rent from $800 to $1,150, with the average being near one thousand. Two of these eight were new to the market during the month, the longest on the market for over nine months (277 days), the average being near three months (99 days).
Three one-bedrooms were rented or applications taken during the month, ranging in rent from $900 to $1,100, days on market ranged from near two months to just over four months with the average being three months (88 days).
2 Bedrooms
Clearly a majority of the homes on the market (34 of the 50) for rent are the two bedroom apartments. These range in rent from $1,100 to $1,950 per month, with the average being near $1,400. While ten of the units were brought to the market in February the longest on the market is nearly ten months (289 days), the average again being near three months (80 days).
Seven two-bedroom apartments were rented or applications to rent were taken during the month. The rents on these apartments ranged from $1,100 to $1,500, with the average being $1,264. The average days these homes were on market were just over two months (71 days). The longest period was a little over four and a half months (137 days).
3 Bedrooms
Currently there are seven three-bedroom rentals on the market for rent. The listed rents for these homes ranged from $1,350 to $1,900, with the average being $1,550. While three of these homes were new to the market during the month, the longest has been on the market for over thirteen-months (404 days), with the average again being near three months (93 days).
Only three three-bedroom apartments rented during the month of February. They rented for $1,100 to $1,700 with the average being $1,425 per month. The days on the market ranged from less than one month (23 days) to nearly two months (62 days); with the average being nearly a month and a half (46 days).
4 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 just over two weeks (17 days). No other similar home rented last month.