Real Property West Valley Phoenix is happy to bring you an update of the current Phoenix rental home statistics utilizing data from ARMLS which is the Arizona Reginal Multiple Listing System. According to the ARMLS statistical data which measures activity of homes listed through the MLS, the average rental properties leased fell from 2164 phoenix homes in February 2017 to 2014 in February 2018. Real Property Management West Valley Phoenix thinks that the decrease is most likely due to the lower inventory of available rental homes in the metro Phoenix area. This decrease also led to both the median and average lease amounts to increase from 2017-2018. Additionally, the median lease went from $1300.00 in 20017 to $1372 in 2018 and the average lease raised from$1495 to $1532.
Interestingly, the average days on market were almost the same at 34 days for February 2017 and 35 days for 2018. Furthermore the rent check quotient stayed at 3 to 10 meaning that for every three homes that leased, ten homes were sold. So what does all of this mean?? Well, Real Property Management West Valley Phoenix thinks that if you have been thinking about turning your property into a Phoenix rental now may be the time.
Real Property Management West Valley Phoenix offers full service Phoenix Real Estate & Phoenix Property Management services. For additional information you can contact us at info@rpmwvphx.com or 602-358-8130
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