This is our newest perception into the Dane County rental marketplace, overlaying the month of July, 2023.

July Dane County rental costs

Madison house rental costs persisted to upward thrust in July, and through all measures:

• The cost according to sq. foot of $226 rose through 8 p.c from $210 in July of 2022.
• The median worth of $322,500 jumped through 17 p.c.
• And the typical worth of $359,203 soared through 23 p.c.

Be aware: For the reason that collection of condos bought each and every month is rather small, the per month numbers can enjoy dramatic swings. On the other hand, those numbers for the month of July are in step with how the rental marketplace has been appearing right through the 12 months.

New MLS listings

Handiest 122 condos have been indexed on the market in July, which was once a lower of 21% from July of 2022, and a lower of 39% from July of 2021. 

Within the larger image, rental listings have been at their lowest degree since 2002.

Condominium stock

With fewer listings coming into the marketplace, the provision of to be had condos stays low. At the moment there are simplest 106 to be had condos (the ones with out an approved be offering) in all of Dane County.

Competing Provides

Heavy pageant among patrons continues to pressure costs upper. Be aware from the chart under that the p.c of listings receiving a couple of provides continues to be very prime when in comparison to pre-pandemic ranges.

Permitted provides

A low provide of recent listings is restricting the collection of contracts written. July AOs got here in on the lowest degree in 12 years.

Dane County rental gross sales

Madison house rental gross sales (or closings) have been the bottom for any month of July since 2011.

Days on marketplace

Madison house condos proceed to promote in no time.

What is subsequent for the rental marketplace?

With Dane County’s rising inhabitants, with stock close to rock-bottom lows, and with little or no within the new development pipeline, we are anticipating an overly tight marketplace. Listed here are 9 causes why we think low provide and prime costs for the foreseeable long term.