Let’s look the Greater Phoenix Rental market data and three charts that break down by city in a few categories. The cities are as follows:
We have compiled data for these five Valley markets. The data represents each year's 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.
In each city, the rental price per square has gone up consistently in each year and rental price per square foot increase ranges from 14% to 26%. The largest increase in rent per sq. foot by percentage from 2013-2017 occurred in Buckeye.
The next chart shows rental property inventory.
This chart details the significant reduction in rental properties available and 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 chart shows good rental market price gains. It is interesting to note the drastic reduction in rental inventory on the Arizona MLS from 2013 to 2015.