Housing Market Intelligence, Property Management

Rental Market Review – Greater Phoenix Area

Residential rental market in Greater Phoenix Area showed pretty strong activities for the 1st Half of 2016.

Based on ARMLS Rent Check stats, all indicators are positive month-over-month. The summary of mid-year review is like —

  • Median Lease: $1,375 – 10% increase vs $1,250 in Jan 2016
  • Average Lease: $1,568 – 13.7% increase vs $1,379 in Jan 2016
  • Avg. Days on Market: 26 – 29.7% shorter vs 37 in Jan 2016
  • Rent Check Quotient™: 3 : 10 – reduced from 2:5 in Jan 2016
  • Closed Rental: 2,382 – Remains flat as 2,351 in Jan 2016
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