ARMLS Rent Check™ – May, 2018

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.

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