Median Lease: $1,100 vs $1,100, Month-over-Month flat
Average Lease: $1,276 vs $1,269, Month-over-Month +0.55%
Avg. Days on Market: 38 vs 38, Month-over-Month flat
Rent Check Quotient™: 48% vs 50%, Month-over-Month -4%
Both Median Lease and Days on Market (DOM) stay flat and Average Lease is within 1% month-over-month. It shows the rental market is doing well and the demand and supply have been balanced in the month of July 2013.
However, the Rent Check Quotient improved by 4% to reach 48% meaning number of leases is less than the number of closed sales. In the healthy housing market, the RCO™ is at the range of 30% – 36%. So, the mumber of leases is still on the high side and this is mainly because many renters came from short sale or foreclosure.
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.