With the May 2017 numbers we saw a drop in Phoenix rented properties over 2016 however in June we interestingly see an increase....Using numbers from ARMLS the Arizona Regional Multiple Listing Service, June Phoenix leased homes were 2461 as opposed to the same time period in 2016 in which 2382 homes leased. The median lease price for the respective same time periods was $1395 in 2017 and $1375 in 2016. The average leased price saw a little bit of an increase year over year but again not the degree that some sources such as Zillow and Truilia have been indicating. The 2016 average lease amount was $1568 in contrast to 2017 in which the average was $1577. The average days on market were very similar year after year with 26 in 2016 and 28 in 2017. Finally, the rent quotient was the same at three rental transactions for every ten sales transactions.
These numbers do help to provide quite a bit of useful information for the Phoenix Real Estate Investor. For example, the continuation of the increasing rental prices in Phoenix is very much real however it isn't as large as a lot of online free sites such as Zillow and Truilia suggest. The demand for Phoenix rental properties is still very much alive which means investing in a Phoenix rental home may be a very good place to park some cash right now.
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