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.