For the month of December 2018, all RENT Check indicators continued weakening.
Median Lease: $1,450 – Increased from $1,428 the previous month.
Average Lease: $1,611 – Increased slightly from $1,601 of the previous month.
Avg. Days on Market: 31 – Increased again from 29 days of the previous month.
Closed Rental: 1,738 – Decreased from 1,992 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.
Due to the continuous holidays and the reduced availability, rent prices came back up firmly but volume dropped while DOM increased.