For the month of April 2020, all RENT Check indicators weaken except the number of closed rentals went up a bit.
Median Lease: $1,600 – remained flat vs $1,600 the month of March 2020.
Average Lease: $1,751 – Reduced from $1,759 of the previous month.
Avg. Days on Market: 24 – Reduced from 26 days of the previous month.
Closed Rental: 1,618 – Reduced from 1,783 homes the previous month.
Rent Check Quotient™: 1:5 – Rental supplies remains the same as 1:5 of last month.
Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.
The COVID-19 has fairly minimum impact on the residential rental market. Yet it cooled down the upward trending a little bit.
Arizona’s re-opening for business starting 5/15 strengthens the housing market into summer.
Builder’s confidence level is high, seller market continues.