With a thread-bare squad and limited funds, the Seasiders were tipped for a season of struggle in the lower reaches of the second tier.
Yet they found themselves at the table's summit earlier on in the campaign and despite a current four-game winless streak, Paul Ince's side are still positioned in the play-offs.
"We were one of the favourites to go down so the start we've had we're delighted with," said Rae.
"We've got 19 points now which is a terrific start for us.
"The first 10 games is usually a good yardstick and the good thing is we keep putting points on the board even if we're not playing great and we're dominating games; we're still managing to nick something which is a good attribute."
Blackpool began October with a hard-fought 0-0 draw against Bolton at Bloomfield Road, where they remain unbeaten this term.
Rae added: "You look at the way they defended for their life, which is important going forward for the club.
"It's a good foundation, we're hopeful we can get a few more opportunities."