ARMLS RENT Check™ – March, 2017

For the month of March 2017, all RENT Check indicators showed great momentum comparing to  previous quarter, Dec 2016.

  • Median Lease: $1,328 – Healthily increased 4.16% from $1,275 previous quarter.
  • Average Lease: $1,470 – Slightly increased from $1,444 previous quarter.
  • Avg. Days on Market: 31 – Decreased 16.22% from 37 days of previous quarter.
  • Rent Check Quotient™: 3 : 10 – Remained flat as 3 : 10 last quarter.
  • Closed Rental: 2,291 – Increased 8.63% from 2,109 homes previous quarter.

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

Cap rates are still around 3.5% – 4.5% yet be careful about the potential mortgage interest rate hike.

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