Lease Property Update(HAR Report):
As in June, consumer demand for lease properties was down in July and rent prices were up. Single-family lease homes fell 20.1 percent year-over-year while leases of townhomes and condominiums dropped 10.8 percent. The average rent for single-family homes jumped 11.4 percent to a record $2,162 while the average rent for townhomes and condominiums increased 5.8 percent to $1,756.