For the month of May 2019, all RENT Check indicators continued weakening.
Median Lease: $1,550 – Increased from $1,500 the previous month.
Average Lease: $1,707 – Increased slightly from $1,701 of the previous month.
Avg. Days on Market: 25 – Increased slightly from 23 days of the previous month.
Closed Rental: 1,763 – Surged from 1,585 homes the previous month.
Rent Check Quotient™: 1:5 – Rental supplies remains flat as last month.
Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.
Due to the continuous holidays and the reduced availability, rent prices came back up firmly but volume dropped while DOM increased.