ARMLS RENT Check™ – July 23, 2013

Median Lease:  $1,100 vs $1,100, Month-over-Month flat

Average Lease:  $1,269 vs $1,252, Month-over-Month +1.36%

Avg. Days on Market:  38 vs 40, Month-over-Month drop of -5.00%

Rent Check Quotient™: 50% vs 43%, Month-over-Month +16.3%

Days on Market (DOM) further dropped to 38 showing continuous reduced supply of rental properties in the recent months.

Nonetheless, the Rent Check Quotient jumped by 16.3% to 50%. Hopefully it stays below 50% which means number of sales equals the number of leases.

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.

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