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.