The rental market has recovered this year from the oversupply of the last quarter of 2008, with the average number of days properties are on the market down by 11 percent over 2008 year to date.

That is according to Coldwell Banker Bermuda Realty's Real Estate Rental Update report for November 2009, which revealed that the average rental price of a property is $4,543.

The average price of a one-bedroom property is $2,389, two-bedroom is $3,551 and three-bedroom $5,403.

The report found that the residential rental market got off to a brisk start in February, despite natural fluctuations from month to month, with business remaining steady throughout the year and more robust compared to the same period in 2008.

It also showed that, for the most part, the market had settled, with properties priced and marketed correctly moving quickly in all price ranges.

Furthermore, the findings reflected a continuing demand for city living. However a shift in the supply/demand ratio had affected the price of such properties, with two-bedroom city units renting for roughly the same price as one-bedrooms were last year, according to data collected.

The report said that prices have adjusted downwards at an average of $700 per month and properties were on the market longer than in 2008.

Elsewhere, due to a low supply at the high end level, correctly priced listings had received several offers.