Interesting. Most of these rents represent monthly rent multipliers of between 285 – 300, with a few above and below that. A Gross Rent Multiplier (GRM) for single family and 2-4 properties is found by dividing the sale price by the monthly rents. For example, a $550,000 home (at peak pricing) renting in the $1,900 range would yield a GRM of ~290 ($550,000 / $1,900 = 289.47).
What’s interesting is that back in the mid 1990s, GRMs were commonly running in the 120-150 ranges, depending on location and other attributes. Right now, a $1,900 monthly rental rate would indicate to a $285,000 purchase price if using a GRM of 150. That’s a long way from a $550,000 peak price.