8 Key Rental Market Trends From Exclusive ShowMojo Data
What are the parts of your rental listing that make a real difference when it comes to shortening days-on-market? And which don’t?
New insights from ShowMojo’s comprehensive rental marketing data—from over 1 million on-market periods nationwide—reveal just that.
As our own property showing partner, they’ve shared their exclusive report with us. And it paints a complex picture of the challenges and opportunities landlords face in 2025 and beyond.
Here’s a breakdown of 8 major trends impacting the market right now, along with actionable advice to help landlords and property managers stay ahead.
Record-High Market Times
December 2024 set a grim milestone as the worst December for market times since 2017.
Listings stayed on the market 9% longer than December 2023 and an alarming 22% longer than December 2022.
What This Means for Landlords:
- Be proactive about property marketing: Lengthy market times can undercut your returns. Make sure your listings are optimized with high-quality images, accurate details, and market-appropriate pricing to stand out among the competition.
- Leverage leasing technology to stay competitive. Features like automated scheduling and virtual tours can reduce delays in showing and filling properties.
Leads Hit a Historic Low
December 2024 also recorded the lowest number of leads since 2019, with leads down 9% compared to December 2023 and 14% compared to December 2022.
What This Means for Landlords:
- Target your audience carefully. Declining lead volume means your marketing needs to work harder. Use online booking tools like ShowMojo to streamline viewings, and avoid overwhelming listings with too many irrelevant details (stick to the sweet spot of 2–10 key points about the property).
- Consider demand triggers like pet-friendly options, as the data indicates more properties saw increased interest after allowing pets (up 3% in 2024).
Rent Reductions at All-Time Highs
Rent reductions in December 2024 were deeper and more frequent than in any prior December.
Discounts averaged 1% steeper than in December 2023 and an additional 6% steeper than December 2022.
What This Means for Landlords:
- Assess pricing strategies early. Adjust your rent proactively based on market trends, rather than waiting for long vacancies to force reductions.
- Stay competitive in your market. If comparable properties are offering reductions or incentives like waived fees, match or exceed those to attract renters.
Showings and Scheduling Trends
Rental showings depend on timing.
Listings with showings scheduled less than one day in advance have a 65% likelihood of occurring, compared to only 11% for those scheduled more than two weeks out.
What This Means for Landlords:
- Optimize scheduling to reflect these trends. Aim for 3 days or fewer in advance for viewings, which have the highest success rate. Bookings 15 days or more in advance cancel 89% of the time.
- Use analytics tools to target peak times, such as Tuesday and Friday, which consistently attract the highest number of showings. (Mondays are the least popular, FYI).
Urban vs. Suburban and Rural Listings
Urban properties need the most leads, averaging 28, compared to suburban (21) and rural (15) listings.
However, urban, suburban, and rural properties are now closely tracking on days-on-market metrics, reflecting a leveling trend across these areas.
What This Means for Landlords:
- Match marketing to your property type. For urban properties, be aggressive in attracting leads through compelling online listings and visual appeal.
- Expand your area of focus. Don’t overlook suburban and rural markets, where fewer leads are needed, and properties may rent faster under the right conditions.
Marketing Pitfalls
Listings with missing details—especially unclear or absent security deposit information—remain a pitfall.
For example, properties without clear security deposit info average an additional 3–4 days on the market compared to those with a clear security deposit policy listed.
What This Means for Landlords:
- Transparency is key. Always provide clear, concise details about security deposits, fees, and any move-in costs to eliminate renter hesitation.
- Streamline rental applications. Automate processes where possible to reduce friction and facilitate quicker tenant approvals.
Renter Behavior Insights
Renter activity is constant, even outside traditional business hours.
While phone inquiries drop off after 6 PM, online activity stays high until midnight and beyond
What This Means for Landlords:
- Be accessible 24/7. Ensure renters can inquire or schedule showings at any time with automated tools and self-scheduling options. This is especially critical for capturing late-night interest.
- Don’t neglect Sundays. While slower than weekdays, Sunday activity is still significant and worth targeting in marketing campaigns.
Marketing Strategies to Reduce Time on Market
Data suggests using aggressive watermarking and clear property descriptions can shave multiple days off market times.
Additionally, balancing listing details carefully—between 2–10 key points—is essential for maintaining interest without overwhelming potential renters.
Key Recommendations:
- Use watermarks to protect and promote efficiency, but ensure your approach is streamlined and doesn’t distract from the listing.
- Highlight marketable features, like proximity to job hubs, renovations, or pet-friendly policies, but don’t overdo it. Stay under 10 key points for optimal days-on-market.
Looking Ahead to 2025
The next nine months are expected to bring mild improvements for landlords due to stabilized interest rates and enhanced property management technology.
Leading indicators, like leveling household debt and stable inflation, point to a gradual easing of rental market headwinds.
Long-Term Outlook:
- Adopt Leasing Automation tools like ShowMojo to reduce administrative burdens and speed up rental processes.
- Monitor emerging PM technologies and tactics for keeping overhead costs low.
- Stay adaptable as rental market conditions evolve, leveraging predictive data and tailored marketing tactics to meet renter demand.
For landlords, these trends highlight both the challenges and opportunities of today’s rental market. Strategic marketing, pricing agility, and technology adoption will be critical to thriving in 2025 and beyond.
Looking for a property management company in Detroit that does all of this, and more? Contact us to find out why we’re proud to be data-driven and different from the rest.