Q3 Leasing Trends: What the Data Says About the Market
The latest RentEngine data shows that leasing activity cooled off across much of the country in Q3 — but leads are still coming in strong. The reason the summer seemed slower than usual? Pricing and timing.
We pulled out a few highlights below to show what’s happening behind the scenes: when leads are coming in, how pricing impacts days on market, and why the first week is the most important window for any listing.
Days on Market (DOM)
- Average time on market: 26.8 days
- After a price change: 15.4 days
- Homes that start out overpriced (about 5% above market) usually need two price reductions and sit vacant 11+ extra days — costing owners around $750 in lost rent on an average $1,900 unit.
Price Reductions
- 45.5% of listings needed at least one price adjustment in Q3 (up from Q2).
- The average reduction was 4.6% (about $100).
- Every reduction adds roughly 11 days of vacancy, so getting pricing right at launch makes a big difference.
Marketing & Lead Timing
- 38–40% of all leads come in during the first 7 days a property is listed.
- After Day 10, momentum drops sharply — there’s no second chance for a first impression.
Lead Behavior
- 57.8% of leads inquire after business hours.
- 49.5% schedule showings while offices are closed.
- Only 26% of successful applicants call before their showing — the best-qualified renters move quickly and communicate less.
At 901 Real Estate Services, we use Tenant Turner to let prospective residents schedule showings 24/7, even when our office is closed. This keeps your property accessible, responsive, and competitive in a market where serious renters act fast.
Disappearing Doors: The 3D Tour Tug-of-War
If you’ve noticed your property’s Matterport 3D tour missing from Zillow recently, you’re not alone — and it’s not a mistake on our end.
This October, Zillow removed all Matterport virtual tours from listings on its platform. Why? It’s part of an ongoing conflict between Zillow and CoStar Group, the parent company of Apartments.com and the new owner of Matterport, which Zillow had previously integrated with.
Zillow claims Matterport’s updated terms of service restrict tours from being displayed on third-party sites like Zillow. CoStar, in turn, says that’s not true — and accuses Zillow of misrepresenting the licensing terms. All of this is happening alongside an active copyright infringement lawsuit between the two companies.
So what does that mean for you?
We’re actively monitoring the situation and continuing to use Matterport where possible — especially for syndicated listings across platforms like Apartments.com, Realtor.com, Zumper, and others.
For Zillow specifically, we’re creating Zillow-native 3D Home tours when needed. These tours ensure your listing continues to benefit from higher visibility and engagement on their platform — listings with a Zillow 3D tour typically receive more views and leads.
If your listing doesn’t currently have a 3D tour on Zillow, we may still be working on a replacement. No action is needed on your part.
Emily Stallings — our Marketing Manager and the person behind these monthly newsletters — reached out directly to our Zillow representative for clarification on how the platform plans to handle the transition from Matterport to Zillow 3D Home. While there’s still some uncertainty, Zillow expects to share additional guidance in the coming months, and we’re hopeful a resolution or new integration path will become clearer.
In the meantime, we’ve ensured that any active 3D tour — whether created in Matterport, Zillow, or another platform — will be linked directly in your property’s rental description on our website. So no matter where it’s hosted, prospective renters can still take a virtual walk-through.
As always, we’re staying on top of the tech and trends — even when the biggest names in the business don’t play nice.
Sources:
- Matterport Blog: Matterport’s Next Chapter as Part of CoStar Group
- HousingWire: Zillow Removes Matterports from Listings
- Yahoo Finance: Zillow’s “Ongoing Mass Infringement,” According to CoStar
Behind The Scenes at 901
This October, we celebrated some meaningful milestones at 901 Real Estate Services!
Lisa Griffis, our incredible Property Manager, marked her 2-year anniversary with the company.
Danielle Heineman celebrated 6 years with 901RES — the last few spent as the dedicated on-site manager of The Marine Residence.
And Joe Montoya, our maintenance tech, hit the 3-year mark of keeping things running smoothly.
We’re proud to have such a talented, hardworking, and committed team. Their dedication and daily excellence make a lasting difference for our owners, tenants, and the company as a whole. Please join us in celebrating their anniversaries and all they bring to the 901RES family!