On the last post, we took a look at the city of Tolleson, AZ and the Farmington Glen subdivision's 2013 to 2015 pertinent rental market figures.
This week we will take a look at the Avondale rental market and a subdivision in Avondale.
All figures are taken from closed rental data from the MLS. The break down will focus on the subdivision of Cambridge Estates rental market figures.
We will focus on the rental homes that rented between January and August and break down the resulting rental data by year.The rental property data we look at from Avondale and Cambridge Estates focuses on closed, unfurnished rental properties.
The rental market numbers Avondale in this study show nice gains as detailed below.
Overall, average rental property prices in both Avondale and Cambridge Estates have increased during this 2013-2015 time period. The average rental home price in Avondale has gone up 10% in three years. In Cambridge Estates, the increase in rent in this time frame has been 11%.
Rental property inventory decrease in these areas has been pretty drastic with a 48% decrease in Avondale rental property inventory from 2013-2015. In this same time frame, Cambridge Estates rental property inventory has decreased by 45%.
Both the Cambridge Estates subdivision and the Avondale,AZ rental properties show a very sharp drop in the Average Days on Market from 2013 to 2015. The Cambridge Estate rental homes average days on market was cut in half from 2103 to 2015 and Avondale as a whole showed a larger drop. It now takes 55% less time to rent a property in Avondale as it did in 2013.
The Avondale rental market is tight for renters but a great option for property investors.