On the last post, we took a look at the Avondale, AZ rental market and the subdivision of Coldwater Springs.
This week, we will take a look at the City of Phoenix and the numerous listings within this large area.
We will focus on the subdivision of Valley Vista in Phoenix as the secondary layer to this rental market evaluation.
The Valley Vista subdivision is located roughly south of Cactus Rd. and north of Peoria Ave. The Valley Vista, Phoenix subdivision is east of I-17 west of 19th Ave.
All of our Phoenix rental market figures are taken from closed rental data from the Arizona MLS from 2013-2015.
We will focus on the rental homes that rented between January and November and break down the resulting rental data by year.The property data we will look at in this objective Phoenix rental market review and Valley Vista rental market price overview focuses on closed, unfurnished rental properties.
The rental market numbers in Phoenix and Valley View are interesting. Attached is our summary chart.
The most interesting thing to observe is the size of the Phoenix market. The 7113 properties that have been rented in 2015 is almost two thousand units above the last six cities we reviewed 2015 numbers. The cities of Buckeye, Avondale, Goodyear, Surprise, Peoria and Glendale together have rented 5,171 home in 2015 through October 31.
The average rental home price gain for the above time period in Phoenix, AZ was a solid 5.9%. For the houses in Valley Vista, the three year rental price is much bigger but it appears that this is due to a large number smaller homes being sold in a small sample size.
The price per square foot gain was small in both comparisons.
The rental market inventory decrease over the last three years Phoenix was 32%. The decrease in Valley Vista rental property inventory was the same at 32% although the sample size was smaller.