Category: Market Updates

Rental activity and trends for the Phoenix Metro area as reported by Zillow Research – May 2024 Typical Rent:  $1,895  (1.0% increase year over year) Single Family: $2,330 (2.2% increase year over year) Multifamily: $1,638(0.0% change year over year) Observed Rent Index – Phoenix Single Family vs. Multifamily – Phoenix Observed Rent Index – United …

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Rental activity and trends for the Phoenix Metro area as reported by Zillow Research – April 2024 Typical Rent:  $1,887  (1.1% increase year over year) Single Family: $2,310 (2.5% increase year over year) Multifamily: $1,625 (0.2% change year over year) Observed Rent Index – Phoenix Single Family vs. Multifamily – Phoenix Observed Rent Index – …

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Rental activity and trends for the Phoenix Metro area as reported by Zillow Research – March 2024 Typical Rent:  $1,864  (1% increase year over year) Single Family: $2,289 (2.6% increase year over year) Multifamily: $1,617 (0% change year over year) Observed Rent Index – Phoenix Single Family vs. Multifamily – Phoenix Observed Rent Index – …

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  Our partners at ShowMojo have just released their 2024 Q2 Market Update, outlining trends and challenges in the current rental market.  In a nutshell, they describe “Longer market times, fewer leads, and more rent reductions.” We’ve included the key takeaways below, along with what’s working now… Market Times Continue to Go the Wrong Way …

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Here’s the latest rental activity and trends for the Phoenix Metro area for February 2024: Closed Rental Units: 2,269 (3.84%increase year over year) Median Lease Rate: $2,095 (0.0% increase year over year) Average Lease Rate: $2,237(2.40% decrease year over year) Average Days on Market: 47 (14.63% increase year over year)

Here’s the latest rental activity and trends for the Phoenix Metro area for January 2024: Closed Rental Units: 1,974 (6.31% decrease year over year) Median Lease Rate: $2,095 (2.45% increase year over year) Average Lease Rate: $2,259 (0.44% decrease year over year) Average Days on Market: 52 (20.93% increase year over year)

Here’s the latest rental activity and trends for the Phoenix Metro area for December 2023: Closed Rental Units: 2,033 (4.64% decrease year over year) Median Lease Rate: $2,095 (3.71% increase year over year) Average Lease Rate: $2,250 (1.32% decrease year over year) Average Days on Market: 46 (12.20% increase year over year)

Here’s the latest rental activity and trends for the Phoenix Metro area for November 2023: Closed Rental Units: 2,249 (2.88% increase year over year) Median Lease Rate: $2,095 (0.48% increase year over year) Average Lease Rate: $2,256 (1.31% decrease year over year) Average Days on Market: 44 (18.92% increase year over year)

Here’s the latest rental activity and trends for the Phoenix Metro area for October 2023: Closed Rental Units: 2,406 (10.27% increase year over year) Median Lease Rate: $2,100 (0.0% increase year over year) Average Lease Rate: $2,300 (1.03% decrease year over year) Average Days on Market: 41 (24.24% increase year over year)

Here’s the latest rental activity and trends for the Phoenix Metro area for September 2023: Closed Rental Units: 2,539 (17.98% increase year over year) Median Lease Rate: $2,150 (2.38% increase year over year) Average Lease Rate: $2,368 (2.42% increase year over year) Average Days on Market: 39 (25.81% increase year over year)