Once again, all RENT Check indicators for June 2018 showed sustaining momentum comparing to the previous month, May 2018.
Median Lease: $1,485 – Increased from $1,450 previous month.
Average Lease: $1,670 – Increased from $1,616 the previous month.
Avg. Days on Market: 24 – Decreased from 25 days of the previous month.
Closed Rental: 2,228 – Increased from 1,903 homes the previous month.
Rent Check Quotient™: 3:10 – Rental supplies increased from 1:5 last month.
Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.
Every summer, June, July, and August are the peaks of the rental market whereas the housing market started to cool down. these stronger Rent Check™ indicators were expected.