ARMLS Rent Check™ – October, 2018

For the month of October 2018, all RENT Check indicators continued weakening.

Median Lease: $1,400 – Decreased from $1,450 the previous month.
Average Lease: $1,619 – Decreased slightly from $1,635 of the previous month.
Avg. Days on Market: 28 – Increased again from 27 days of the previous month.
Closed Rental: 1,915 – Decreased from 1,991 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.

Starting September, after the summer peak season, the rental market became slowed down. It continues cooling down in October.

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