Average Time on Market for Rentals

[Brad Hassett]

Hey guys!

I recently purchased my first rental property, which is in Nashville, and I'm curious how long I should expect it to take before we find a renter?  I hired a property management company and it's been about 24 days on the market so far.  I think it's fairly priced ($2,900/mo), is in East Nashville, 3 bed, 2.5 bath, is 1,900 sq ft, and was built just a few years ago so it's in great shape.

I'm trying to figure out if this is a normal timeframe (especially considering we just went through the holidays) or if there's a chance my property management company isn't doing a great job.

Please let me know your thoughts!  Thanks for helping a beginner!

[Luka Milicevic]

@Brad Hassett

Here are your stats for the 37206 zip code for the last 3 months. 

This is only for 3/2.5 homes:

All of the below data is the median data...

Sqft: 1790

Lease cost/sft: $1.62

Lease cost/month: $2995

Year built: 2008

Days on market: 12

24 days does seem high, even given the time of year. The rental market is in HIGH demand and you seem to priced right in the sweet spot.