ARMLS Rent Check™ – November, 2018

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

Median Lease: $1,428 – Increased from $1,400 the previous month.
Average Lease: $1,601 – Decreased slightly from $1,619 of the previous month.
Avg. Days on Market: 29 – Increased again from 28 days of the previous month.
Closed Rental: 1,992 – Increased from 1,915 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.

Thanks to snowbirds, the rental market bounced back slightly after reaching the bottom in October.

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