ARMLS (Arizona Regional Multiple Listing Service, Inc), publishes monthly rental statistics for the Phoenix metro investment property area based on all leasing activity in which the home was advertised through the MLS. In March 2014, 3547 homes leased through the MLS marketing system with a median lease price of $1095, average lease price of $1256 and an average days on the market of 41. For April 2014, 3065 homes leased through the MLS marketing system with a median lease price of $1150, average lease price of $1282 and an average days on market of 35. What does this all mean??? That the supply of rental properties which was at an all time high after the foreclosure boom has decreased to the point where there is decent applicant competition for investment properties that show well and are priced right. Additionally, rents especially in highly desirable areas should continue to increase. This all leads to "it's a great market to buy an investment property"! Not only are rents increasing but any type of interest bearing investment will most likely continue to have no return given how low interest rates are and with all of the international turmoil the stock market can give even experienced investors the heebie-jeebies!
Monday, 12 May 2014
Phoenix Property Rental Market Statistics
ARMLS (Arizona Regional Multiple Listing Service, Inc), publishes monthly rental statistics for the Phoenix metro investment property area based on all leasing activity in which the home was advertised through the MLS. In March 2014, 3547 homes leased through the MLS marketing system with a median lease price of $1095, average lease price of $1256 and an average days on the market of 41. For April 2014, 3065 homes leased through the MLS marketing system with a median lease price of $1150, average lease price of $1282 and an average days on market of 35. What does this all mean??? That the supply of rental properties which was at an all time high after the foreclosure boom has decreased to the point where there is decent applicant competition for investment properties that show well and are priced right. Additionally, rents especially in highly desirable areas should continue to increase. This all leads to "it's a great market to buy an investment property"! Not only are rents increasing but any type of interest bearing investment will most likely continue to have no return given how low interest rates are and with all of the international turmoil the stock market can give even experienced investors the heebie-jeebies!
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