Metro Phoenix Rental Market Snapshot
Median Lease: $1,100 vs $1,074, Month-over-Month +2.42%
Average Lease: $1,252 vs $1,225, Month-over-Month +2.20%
Avg. Days on Market: 40 vs 51, Month-over-Month drop of -21.57%
Rent Check Quotient™: 43% vs 40%, Month-over-Month +7.5%
Days on Market (DOM) dropped to 40 all of a sudden. This could be the result of continuous limited supply of for sale properties since the begining of 2013.
On the other hand, the Rent Check Quotient increased by 7.5%. Hopefully it stays below 50% which means sales equals lease and no increase of the rental inventory.
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.