According to the ARMLS statistical data which measures activity of homes listed through the MLS, the average rental properties leased fell from 2148 in January 2016 to 2079 in January 2017. The decrease is most likely due to the hot Phoenix property sales market combined with home builders being very caution with how many new homes and areas they are building. Long over are the days when you hear about home builders buying up large parcels of acreage to be soon developed in the Phoenix Metro area. Additionally, The decrease in rental inventory caused rental prices to rise from $1379 in January 2016 to $1474 in January 2017 and the median lease price increased from $1250 to $1298.
Interestingly, the average days on market were exactly the same at 37 days for January 2016 and 2017 and the rent check quotient stayed at 2 to 5 meaning that for every two homes that leased, 5 homes were sold. So what does all of this mean??? Well, if you have been thinking about turning your property into a rental now may be the time given that rental inventory is even lower than the sales inventory.
RPMWV Phx offers full service Phoenix Real Estate & Phoenix Property Management services. For additional information you can contact us at email@example.com or 623-748-7800.