On the last post, we took a look at the city of Surprise,AZ and the Roseview subdivision's 2013 to 2015 pertinent rental market figures.
This week we will take a look at the Greater Phoenix Rental market data and break it down by city in a few categories. The cities are as follows:
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 will look at focuses on closed, unfurnished rental properties and is taken from the Arizona MLS.
We will present three charts. The first chart shows raw rental price per square foot in each city.
It is interesting to note that renting a property in Scottsdale is almost twice as much per sq. foot as renting in Buckeye. Watch out though Scottsdale, Buckeye is gaining on you though percentage wise.
The next chart shows rental property inventory.
This chart details the significant reduction in rental properties available and also shows that the Phoenix rental property inventory is greater than the rest of the cities inventory combined.
The final Chart shows the increase in rent price/decrease inventory as a percentage
This one shows the Phoenix rental market as the biggest winner with a 24% increase in rental price per sq foot. The Buckeye rental market also looks like landlord's treasure with a 14% rental market increase and a 44% rental market inventory reduction.