ARMLS Rent Check™ – April, 2020

Friday, May 29th, 2020 azrealtycom

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.

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