On the last post, we took a look at the city of Phoenix, AZ and the Valley Vista subdivision’s 2013 to 2015 pertinent rental market figures.
This week we will take another look at the Greater Phoenix Rental market data and look at the three charts that break down by city in a few categories. The cities are as follows:
We will focus on the rental homes that rented between September, October and November and break down the resulting rental data by year. By doing this, we get a great look at how the Greater Phoenix and West Valley 2015 rental market performed vs. the 2013 and 2014 rental market specifically within these three months.
The rental property data we is objective data that will look at focuses on 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 pretty consistently in each year and rental price per square foot increase ranges from 11% to 15%.
The next chart shows rental property inventory.
This chart details the significant reduction in rental properties available and also 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 one shows good rental market price gains as a whole. The most interesting thing shown is the drastic reduction in rental inventory on the Arizona MLS from 2013 to 2015.