ARMLS Rent Check™ – June, 2017

For the month of June 2017, all RENT Check indicators showed great momentum comparing to previous month, May 2017 except DOM increased slightly by 1 day.

Median Lease: $1,395 – Increased from $1,383 previous month.
Average Lease: $1,577 – Increased from $1,553 just previous month.
Avg. Days on Market: 28 – Increased from 27 days of previous month.
Closed Rental: 2,461 – Summer is always the busiest season for landlord and renter, increased from 2,082 homes previous month.
Rent Check Quotient™: 3 : 10 – Rental supplies increased comparing to 1 :5 last month.
Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

Thanks to the increasing rents, cap rates are now approaching 6.0% and some even getting over 6% this time of the year.

June, July and August are the peak of rental market whereas housing market starts to cool down, even though it is still hot out there at 100+ degrees.

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