We have many investors and clients who are interested in the Valley's rental market statistics and rental market trends. Investors and rental property owners want to know if they can expect more rent this year and how the Greater Phoenix and Phoenix West Valley rental market is shaping.
In the next few weeks we will take a look at a few Phoenix cities 2013 to 2015 pertinent rental market figures and then break the numbers down further for a particular sub-division within that city. The comparisons are based on data retrieved and analyzed from MLS. The cities will include Peoria, Glendale, Phoenix, Goodyear and Buckeye.
This week, we will look at rental market statistics in the City of Peoria. The break down will focus on the subdivison of Fletcher Heights. We will analyze data from 1st quarter 2013 and 2014 and compare it with data from 1st Quarter 2015.
The rental number's for Peoria are consistent with what we have been experiencing within the market as a company. Average rental prices in both Fletcher Heights and Peoria have increased from 2013-2015 and renatl property inventory has decreased in Peoria.
In Peoria, 1st Quarter rental property rent rates have increased about 4% from 2013. 1st Quarter Rental Property inventory in Peoria has decreased roughly by 14.5% in the same time frame.
The sample size is in Fletcher Heights is small so I don't think it is fair to take the rental inventory number with much confidence. However, we can see a consistent increase in rental prices in this subdivision based on the data we have. It looks like Fletcher Heights has outperformed the rest of Peoria with rent price increase of 11.9% based on the 2013 rental market numbers vs. 2015 figures.
