On the last post, we took a look at the city of Scottsdale, AZ and the Grayhawk subdivision's 2013 to 2015 pertinent rental market figures.
This week, we will move the rental market comparison to Peoria and look at how rental market statistics from 1st and 2nd Quarters 2013-2015 in Peoria, AZ compare with a different subdivision within Peoria.
All figures are taken from closed rental data from the MLS. The break down will focus on the subdivision of Arrowhead Ranch.
Arrowhead Ranch is a subdivision that roughly extends from 51st Ave to the 101 on on East/West basis and Deer Valley Road to Union Hills on a North/South basis.
We will focus on the rental homes listed in quarters 1 and 2 and break down the resulting rental data by year.The rental property data we look at from Peoria and Arrowhead Ranch focuses on closed, unfurnished rental properties.
The rental market numbers for Peoria in this study are interesting because they are not consistent with what we have experienced with the overall 2015 Phoenix Area Rental Market.
Overall, average rental prices in both Peoria and Arrowhead Ranch have remained relatively flat during this 2013-2015 time period. The median rental price has increase from 2013 to 2015 in Peoria by $100, but only increased by $13 in Arrowhead Ranch.
Rental property inventory decrease in these areas has not been as significant as the Phoenix rental market in general inventory decrease within the same time frame. Arrowhead Ranch rental property inventory has remained even over the last three years.
In Peoria average rental property rent rates in the time frames analyzed have increased only about 1% (from $1283 to $1298). The median rental price has shown an 8% increase.
Arrowhead Ranch rental properties show a very sharp drop in the Average Days on Market from 2013 to 2015. This is interesting because the prices haven't changed much nor has the inventory.