Metro Phoenix Rental Market Snapshot
Median Lease: $1,074 vs $1,065, Month-over-Month +0.85%
Average Lease: $1,225 vs $1,219, Month-over-Month +0.49%
Avg. Days on Market: 51 vs 52, Month-over-Month flat
Rent Check Quotient™: 40% vs 47%, Month-over-Month -15%
Days on Market (DOM) has been staying above 40 days since Jan 2013 and it has showed some sign of slowing down. Certain market such as Gilbert where there are too many rental properties available, the DOM is almost 60 days.
On the other hand, the Rent Check Quotient is at 40% which is 15% drop over 30 days, a very good sign. Hopefully it keeps going down to the level more sales and less lease.
Rent Check Quotient™ (RCQ™) is derived by dividing the # of leases by the # of closed sales
All above stats are for single family homes rentals. Condominium and apartment rentals are not included.