ARMLS RENT Check™ – April, 2017

Friday, May 26th, 2017 azrealtycom

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

Median Lease: $1,350 – Healthily increased from $1,328 previous month.
Average Lease: $1,546 – Aggressively increased from $1,470 just previous month.
Avg. Days on Market: 27 – Decreased from 31 days of previous month.
Rent Check Quotient™: 2 : 10 – Rental supplies went low comparing to 3 : 10 last month.
Closed Rental: 1,991 – As a result of short supplies, much decreased from 2,291 homes previous month.
Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

Cap rates are still around 4.0% – 5.0% to begin with for the first year. With the steadily increasing rent, consequently cap rate will improve year-over-year.

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