Median Lease:  $1,100 vs $1,100, Month-over-Month flat

Average Lease:  $1,276 vs $1,269, Month-over-Month +0.55%

Avg. Days on Market:  38 vs 38, Month-over-Month flat

Rent Check Quotient™: 48% vs 50%, Month-over-Month  -4%

Both Median Lease and Days on Market (DOM) stay flat and Average Lease is within 1% month-over-month. It shows the rental market is doing well and the demand and supply have been balanced in the month of July 2013.

However, the Rent Check Quotient improved by 4% to reach 48% meaning number of leases is less than the number of closed sales. In the healthy housing market, the RCO™ is at the range of 30% – 36%. So, the mumber of leases is still on the high side and this is mainly because many renters came from short sale or foreclosure.

Rent Check Quotient™ (RCQ™) is derived by dividing the # of leases by the # of closed sales

All above stats are for single family homes rentals. Condominium and apartment rentals are not included.

Median Lease:  $1,100 vs $1,100, Month-over-Month flat

Average Lease:  $1,269 vs $1,252, Month-over-Month +1.36%

Avg. Days on Market:  38 vs 40, Month-over-Month drop of -5.00%

Rent Check Quotient™: 50% vs 43%, Month-over-Month +16.3%

Days on Market (DOM) further dropped to 38 showing continuous reduced supply of rental properties in the recent months.

Nonetheless, the Rent Check Quotient jumped by 16.3% to 50%. Hopefully it stays below 50% which means number of sales equals the number of leases.

Rent Check Quotient™ (RCQ™) is derived by dividing the # of leases by the # of closed sales

All above stats are for single family homes rentals. Condominium and apartment rentals are not included.

Metro Phoenix Rental Market Snapshot

Median Lease:  $1,100 vs $1,074, Month-over-Month +2.42%

Average Lease:  $1,252 vs $1,225, Month-over-Month +2.20%

Avg. Days on Market:  40 vs 51, Month-over-Month drop of -21.57%

Rent Check Quotient™: 43% vs 40%, Month-over-Month  +7.5%

Days on Market (DOM) dropped to 40 all of a sudden. This could be the result of continuous limited supply of  for sale properties since the begining of 2013.

On the other hand, the Rent Check Quotient increased by 7.5%. Hopefully it stays below 50% which means sales equals lease and no increase of the rental inventory.

Rent Check Quotient™ (RCQ™) is derived by dividing the # of leases by the # of closed sales

All above stats are for single family homes rentals. Condominium and apartment rentals are not included.