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.