ARMLS RENT Check™ – August 2, 2013

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.

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