ARMLS RENT Check™ – November 13, 2013

Median Lease: $1,095 vs $1,100, Month-over-Month -0.45%

Average Lease: $1,263 vs $1,386, Month-over-Month -8.85%

Avg. Days on Market: 44 vs 41, Month-over-Month +7.32%

Rent Check Quotient™: 55% vs 54%, Month-over-Month +1%

Median Lease went slightly below 3-month average of $1,100 and nothing to worry right now. Average Lease came down from a sudden surge of 10% last month, so this is also normal. Days on Market (DOM) increased by 7.32% to 41 days. This is the 2nd month in a row it increased by 7+% and worth watching further.

Rent Check Quotient increased 1%. 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.

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