Median Lease: $1,195 vs $1,200, Month-over-Month -0.42%
Average Lease: $1,327 vs $1,413, Month-over-Month -6.09%
Average Days on Market: 28 vs 27, Month-over-Month +3.70%
Rent Check Quotient™: 33% vs 34%, Month-over-Month -1.00%
Median Lease reduced slightly over the month of July by 0.42%. Average Lease went down by 6%. Days on Market (DOM) increased 1 day yet still at historic low.
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 34% of July 2014. It went further down to 33% and staying healthy.
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.