SURVEY OF OFF-CAMPUS AVERAGE RENTAL RATES & VACANCY RATES
Average Rental Rates

Report Date: 07-05-2008

Average rental rates are computed from information supplied by property owners and managers. The data are calculated and adjusted as each registered landlord makes changes to his or her rental rates on the Housing Web site. The Registered Units Average Rental Rates reflect the average rental rates for all registered rental units on the site.

When considering these rental rate figures, it is important to remember that they are derived from only those units registered with the Off-Campus Housing Program. The numbers are based on the "asking price" for an unrented unit which may vary over the course of the year. Additionally, these numbers are based on information landlords place on the website. We do not verify accuracy, nor that updates are timely.

Unit rents may or may not include utilities.

Registered Units

Definitions

Average (Mean): The mean is calculated by adding up all of the rents and then dividing by the total number of rents. It takes into account each and every rental rate.

Median: A median is the middle point in a distribution of rents. So, the median rent is the dollar amount in the middle of all the rental rates received for a particular unit type.

Vacancy Rates for 2004-2005

The data below are for September 8, 2004.

The following vacancy rates were computed from the information submitted by 344 of the 541 landlords registered with the Off-Campus Housing Program — all landlords registered as of September 8th, 2004 were asked to complete an on-line survey. Rental units considered in this survey are mostly located in Ann Arbor. Vacancies reflect units not rented as of September 8th, 2004.

Rooms

Eff/Studio

1 bdrm

2 bdrms

3 bdrms

4 bdrms

5 bdrms

6 bdrms

Total

Total # Surveyed

446

439

1616

1986

497

255

189

274

5702

Units Vacant

48

22

129

188

49

20

5

7

468

Percent Vacant

10.76%

5.01%

7.98%

9.47%

9.85%

7.84%

2.65%

2.55%

8.21%

*This information is based on 293 registered landlord written comments and responses. Some landlords did not respond to all questions.

Rental and Vacancy Rates - Overall, average rental rates were effectively unchanged from last year, increasing only 0.05%. The percentage of rental units vacant at the beginning of Fall semester 2004 was 8.2%. The vacancy rate reported for September 8th, 2003 was 6.1%.

Leasing Timing and Renewals - Approximately 59.0% of landlords surveyed reported that their units rented slower this year than the previous year. Of the landlords surveyed, 4.8% reported that their units rented faster this year than the previous year. An additional 36.2% reported that their units rented at about the same pace. Of the 4906 registered rental units for which data is available, 32.62% were rented to the same tenants as last year.

Short-term Leases - Approximately 26.62% of responding landlords reported that they provided a limited number of short-term leases during the past year. These 78 landlords reported charging an average of 17.02% higher rent for the shorter term than they would have charged for a 12-month lease.

Methodology for the 2004 Rental Survey

Rental Rates Survey — Rental rates are compiled from data submitted by registered landlords. Landlords are asked to report their rental rates for the 2003-2004 academic year at the time of registration. Registration for the 2004 calendar year began in December 2003. Landlords are continually updating these rates on the site. The data reflect these updates.

Vacancy Rates Survey — Landlords who were registered with the Off-Campus Housing Program as of September 8th, 2004 were presented with an on-line, web based survey. Landlords were asked to report the number of vacancies for each rental unit type.

If you seek additional information about the survey or the Off-Campus Housing Program, please contact the Housing Information Office at (734) 763-3205.