ARMLS RENT Check™ – Oct, 2016

After all RENT Check indicators turned to RED last month, we got some good news for you as the down turn stopped at the median lease as well as month total number of closed rental. Both of them gained some positive ground in the month of Octover. In the meantime, the average lease just dropped $1 and merely noticable. However, the DOM increased once again from 30 days to 33 days. Now the numbers…

Median Lease: $1,300 – Increased from $1,295 previous month.

Average Lease: $1,476 – Decreased from $1,477 previous month.

Avg. Days on Market: 33 – Increased from previous 30 days.

Rent Check Quotient™: 3 : 10 – Remain flat as 3 : 10 last month.

Closed Rental: 2,309 – Increased from previous 2,295 homes.

Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

Cap rates and Cash on Cash are still above 4.14%, It’s time to ACT carefully!

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