ARMLS Rent Check™ – July, 2017

For the month of July 2017, all RENT Check indicators showed sustaining momentum comparing to previous month, June 2017 except closed rental decreased slightly.

Median Lease: $1,400 – Increased from $1,395 previous month.
Average Lease: $1,582 – Increased from $1,577 previous month.
Avg. Days on Market: 28 – Remained the same 28 days of previous month.
Closed Rental: 2,419 – Summer is always the busiest season for landlord and renter, slightly decreased from 2,451 homes previous month.

Rent Check Quotient™: 3 : 10 – Rental supplies remained the same as 3 :10 last month.

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

June, July and August are the peak of rental market whereas housing market starts to cool down.

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