For the month of September 2018, all RENT Check indicators started going south.
Median Lease: $1,450 – Decreased from $1,495 the previous month.
Average Lease: $1,636 – Decreased slightly from $1,670 of the previous month.
Avg. Days on Market: 27 – Increased again from 26 days of the previous month.
Closed Rental: 1,991 – Decreased from 2,242 homes the previous month.
Rent Check Quotient™: 3:10 – Rental supplies remains flat as last month.
Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.
After the summer peak season, June, July, and August, the rental market starts to cool down. We expect to see weaker Rent Check™ indicators to come.