Metro Phoenix Rental Market Snapshot

Median Lease $:  $1,075 vs $1,095 of Jan 2013, -1.8%

Average Lease $:  $1,237 vs $1,237 of Jan 2013, flat

Avg. Days on Market:  55 vs 47 of Jan 2013, +17%

Rent Check Quotient™: 49% vs 41% of Jan 2013, +19.5%

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.