ARMLS RENT Check™ – June, 2014

Median Lease: $1,170 vs $1,150, Month-over-Month +1.74%

Average Lease: $1,298 vs $1,282, Month-over-Month +1.25%

Average Days on Market: 31 vs 35, Month-over-Month -11.43%

Rent Check Quotient™: 44% vs 40%, Month-over-Month +4%

Median Lease inched up slightly over the month of May and it’s the all time high. Average Lease also went back up slightly and close to $1,300/month. Days on Market (DOM) decreased again and it is now only 31 days and the lowest of 2014.

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 40% for the month of May 2014. However, the mumber of leases is still on the high side and it needs to be monitored 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.

Social Share Toolbar