ARMLS RENT Check™ – Jan 22, 2013

Metro Phoenix Rental Market Snapshot

Median Lease $:  $1,095 vs $1,095 of Dec 2012, flat

Average Lease $:  $1,245 vs $1,237 of Dec 2012, +0.65%

Avg. Days on Market:  47 vs 44 of Dec 2012, +6.82%

Rent Check Quotient™: 41% vs 46% of Dec 2012, -5%

Rent Check Quotient™ (RCQ™) is derived by dividing the # of leases by the # of closed sales

Elevated lease activity is stoked by high foreclosures, which turn home owners into renters, and investor sales into rentals rather than owner occupied houses. Sales inventory shortages also drive potential homeowners to rent rather than purchase.

All above stats are for single family homes rentals. Condominium and apartment rentals are not included.

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