July 2013 Rental Statistics – These are monthly statistics reported by the Arizona Regional Multiple Listing Service, also known as ARMLS. These rental statistics cover the entire Phoenix metro area, including Chandler, Gilbert, Mesa, Scottsdale and Tempe, Arizona. If you are a real estate investor or are considering buying a home in Phoenix to hold as an investment to rent or lease out, then these numbers can be of great value to you in your research efforts.
Closed Rental Units Per Month Phoenix Arizona – July 2013 Rental Statistics
The above graph shows the closed rental units per month for Phoenix Arizona, ranging from 2001 until present day. As you can see, the total number on a monthly basis has been on a steady increase. These numbers reflect the what has happened in the real estate housing market up until and since the downturn. As more homeowners lost or sold their homes, there has been a greater need for rental homes. With the increase in demand for rental homes in Phoenix, investors increased their inventories to accommodate.
July 2013 Rental Statistics – The Numbers
The July 2013 Rental Statistics numbers show a current median lease price of home in the Phoenix Metro Area of $1,100 per month. The average lease price is $1,269. The average days on market for a rental in Phoenix stands at 38, this indicates a steady demand for rental homes. If we start to see an increase in days on market, this could eventually lead to a glut of homes on the market. The current numbers leave no indication of that. All in all it appears that inventory is matching demand.
For a copy of the report in it’s entirety, click here.
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