For the month of October 2018, all RENT Check indicators continued weakening.

Median Lease: $1,400 – Decreased from $1,450 the previous month.
Average Lease: $1,619 – Decreased slightly from $1,635 of the previous month.
Avg. Days on Market: 28 – Increased again from 27 days of the previous month.
Closed Rental: 1,915 – Decreased from 1,991 homes the previous month.

Rent Check Quotient™: 3:10 – Rental supplies remains flat as last month.

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

Starting September, after the summer peak season, the rental market became slowed down. It continues cooling down in October.

For the month of September 2018, all RENT Check indicators started going south.

Median Lease: $1,450 – Decreased from $1,495 the previous month.
Average Lease: $1,636 – Decreased slightly from $1,670 of the previous month.
Avg. Days on Market: 27 – Increased again from 26 days of the previous month.
Closed Rental: 1,991 – Decreased from 2,242 homes the previous month.

Rent Check Quotient™: 3:10 – Rental supplies remains flat as last month.

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

After the summer peak season, June, July, and August, the rental market starts to cool down. We expect to see weaker Rent Check™ indicators to come.

Recent transactions on apartment complexes are —

• $58 million for the 310-unit Chandler Court in Chandler – $187,199 a unit
• $32 million for the 186-unit River Ranch in Chandler – $172,050 a unit
• $59 million for the 341-unit Vista Montana in Gilbert – $173,020 a unit
• $90 million for the 349-unit Crescent Communities in Phoenix – 257,900 a unit
• $158 million for the 279-unit The District on Apache in Tempe- $566,300 a unit *

* The District on Apache has 1B/1B, 2B/2B, 3B/3B, and 4B/4B units and it is residential housing @ ASU.

For the month of August 2018, all RENT Check indicators indeed reached the plateau.

Median Lease: $1,495 – Remained at $1,495 level as previous month.
Average Lease: $1,670 – Decreased slightly from $1,679 previous month.
Avg. Days on Market: 26 – Increased again from 25 days of the previous month.
Closed Rental: 2,242 – Surprisingly, this indicator increased from 2,203 homes the previous month.

Rent Check Quotient™: 3:10 – Rental supplies remains flat as last month.

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

Every summer, June, July, and August are the peaks of the rental market whereas the housing market starts to cool down. We expect to see weaker Rent Check™ indicators to come.

For the month of July 2018, all RENT Check indicators seem like reaching the plateau.

Median Lease: $1,495 – Increased slightly from $1,485 previous month.
Average Lease: $1,679 – Increased slightly from $1,670 previous month.
Avg. Days on Market: 25 – Increased slightly from 24 days of the previous month.
Closed Rental: 2,203 – Decreased slightly from 2,228 homes the previous month.

Rent Check Quotient™: 3:10 – Rental supplies remains flat as last month.

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

Every summer, June, July, and August are the peaks of the rental market whereas the housing market starts to cool down. We expect to see stronger Rent Check™ indicators to come.

For the month of June 2018, all RENT Check indicators showed sustaining momentum comparing to the previous month, May 2018.

Median Lease: $1,485 – Increased from $1,450 previous month.
Average Lease: $1,670 – Increased from $1,616 previous month.
Avg. Days on Market: 24 – Decreased from 25 days of the previous month.
Closed Rental: 2,228 – Increased from 1,903 homes the previous month.

Rent Check Quotient™: 3:10 – Rental supplies improved from 1:5 last month.

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

Every summer, June, July, and August are the peaks of the rental market whereas the housing market starts to cool down. We expect to see stronger Rent Check™ indicators to come.

For the month of May 2018, all RENT Check indicators showed sustaining momentum comparing to the previous month, April 2018.

Median Lease: $1,450 – Increased from $1,400 previous month.
Average Lease: $1,616 – Increased from $1,567 previous month.
Avg. Days on Market: 25 – Decreased from 29 days of the previous month.
Closed Rental: 1,903 – Increased from 1,771 homes the previous month.

Rent Check Quotient™: 1:5 – Rental supplies remained the same as 1:5 last month.

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

Every summer, June, July, and August are the peaks of the rental market whereas housing market starts to cool down. We expect to see stronger Rent Check™ indicators to come.

For the month of July 2017, all RENT Check indicators showed sustaining momentum comparing to previous month, June 2017 except closed rental decreased slightly.

Median Lease: $1,400 – Increased from $1,395 previous month.
Average Lease: $1,582 – Increased from $1,577 previous month.
Avg. Days on Market: 28 – Remained the same 28 days of previous month.
Closed Rental: 2,419 – Summer is always the busiest season for landlord and renter, slightly decreased from 2,451 homes previous month.

Rent Check Quotient™: 3 : 10 – Rental supplies remained the same as 3 :10 last month.

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

June, July and August are the peak of rental market whereas housing market starts to cool down.

For the month of June 2017, all RENT Check indicators showed great momentum comparing to previous month, May 2017 except DOM increased slightly by 1 day.

Median Lease: $1,395 – Increased from $1,383 previous month.
Average Lease: $1,577 – Increased from $1,553 just previous month.
Avg. Days on Market: 28 – Increased from 27 days of previous month.
Closed Rental: 2,461 – Summer is always the busiest season for landlord and renter, increased from 2,082 homes previous month.
Rent Check Quotient™: 3 : 10 – Rental supplies increased comparing to 1 :5 last month.
Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

Thanks to the increasing rents, cap rates are now approaching 6.0% and some even getting over 6% this time of the year.

June, July and August are the peak of rental market whereas housing market starts to cool down, even though it is still hot out there at 100+ degrees.