September 2012 RENT Check™ Statistics

September 2012 RENT Check™ Statistics from Armls

Median Lease $: $1,150 

Average Lease $: $1,290
Avg. Days on Market: 43
Rent Check Quotient™: 47%

RENT Check™ is ARMLS’s monthly publication showcasing the Valley’s residential single family leasing market. It features the Rent Check Quotient™ (RCQ™) derived by dividing the # of leases by the # of closed sales as reported in STAT. Elevated lease activity is stoked by high foreclosures, which turn home owners into renters, and investor sales into rentals rather than owner occupied houses. Sales inventory shortages also drive potential homeowners to rent rather than purchase.