How hot is the Phoenix Real Estate market??? Well, perhaps not quite as hot as you think….at least on the rental market side. The basis for our investigation is Rent check which is the publication issued by ARMLS using transactions that were listed on the Multiple Listing System (MLS). More specifically we are going to look at rental comparisons from May 2016 to May 2017.
2,290 total units rented in May of 2016 with an average lease amount of $1505; median lease price of $1340 and an average days on the market of 26. In comparison; 2,082 total units rented in May of 2017 with an average lease amount of $1153; median lease of $1383 and an average days on the market of 27. These numbers indicate that on average rental prices have increased about $50.00 from 2016 – 2017 which is a nice increase but not the $100’s of dollars that some sources may have you thinking. Also, properties that are listed over market rental price are still sitting as well as properties that do not show their best.
In conclusion, to place qualified tenants in a timely manner the best option is to use a Phoenix Real Estate professional who can correctly assess rental rates based on occupied rental homes in your area and who can assist with prepping your property for the market.
For all of your Phoenix Real Estate& Phoenix Property Management needs be sure to contact RPMWV Phx www.rpmwvphx.com 623-748-7800