On the last post, we took a look at the city of Avondale, AZ and the Cambridge Heights subdivision’s 2013 to 2015 pertinent rental market figures.
This week we will take a look at the Peoria rental market and the subdivision in our focus will be Fletcher Heights.
Fletcher Heights is a subdivision located roughly north and south of Deer valley road and east and west of 83rd avenue
All figures are taken from closed rental data from the MLS from 2013-2015.
We will focus on the rental homes that rented between January and August and break down the resulting rental data by year.The rental property data we look at from Peoria and Fletcher Heights focuses on closed, unfurnished rental properties.
The rental market numbers Peoria and Fletcher Heights shown in this study show decent gains as detailed below.
Overall, average rental property prices in both Peoria and Fletcher Heights have increased during this 2013-2015 time period. However, the average rental home price gains in Peoria, AZ has gone only gone up about 5% in three years. In Fletcher Heights, the increase in rent in this time frame has been 7%.
Rental property inventory has decreased here as well but “only” by 25% which under performs the Phoenix market in general by market inventory reduction standards over the last 3 years.
It is interesting to note that although the Peoria and Fletcher Heights rental markets have show gains over the last three years, the gains have fallen short of the rental market gains we have seen in other Phoenix West Valley cities.