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

Average Lease:  $1,386 vs $1,260, Month-over-Month +10%

Avg. Days on Market:  41 vs 38, Month-over-Month +7.9%

Rent Check Quotient™: 54% vs 59%, Month-over-Month  -5%

Median Lease at $1,100 is the 3rd month in a row and the Average Lease surged 10% month-over-month. The Days on Market (DOM) also increased by 7.9% to 41 days. It shows the rental market just went a little bit soft for the month of August then it came back on strong for September 2013.

On the other front, the Rent Check Quotient lowered to 54% close to the even split of # of lease and # of home 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 it needs to be watched closely.

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.