ARMLS RENT Check™ – October, 2014

Median Lease: $1,175 vs $1,195, Month-over-Month -1.67%

Average Lease: $1,306 vs $1,378, Month-over-Month -5.22%

Average Days on Market: 31 vs 29, Month-over-Month +6.90%

Rent Check Quotient™: 31.97% vs 35.5%, Month-over-Month -3.53%

Median Lease decreased by 1.67% to $1,175 and that is slightly higher than June 2014. Average Lease went down by 5.22% partly due to the seasonal factor. Days on Market (DOM) increased by 2 days or 6.90% and this is again reflecting the seasonal factor.

Rent Check Quotient is at the range of 30% – 36% in a normal market. RCQ has been coming down from 66% in the beginning of 2014 to now 31.97% and the rental market started cooled off for the year end holiday season.

Rent Check Quotient™ (RCQ™) is the ratio of closed rentals to closed sales.

All above stats are for single family homes rentals. Condominium and apartment rentals are not included.

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