The following monthly rent statistics is from the ARMLS rent check so it measures rental properties that are advertised and leased through the assistance of the MLS (Multiple Listing System). In September of 2016, 2,295 properties rented as compared to 2,600 in September of 2015. Additionally, the median lease amount was $1,295 with an average lease amount of $1,477. The average days on market was 30 so this indicates that the rental market appears to be reaching more “normal” levels as opposed to several years ago when properties were renting in a day or two. The rent quotient was 3:10 meaning that for every three leased properties, ten homes sold so could the Phoenix Metro area be heading for another bubble?
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