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Rent Check

According to Rent Check, ARML’s monthly publication showcasing the Phoenix residential leasing market, rental properties were on the market on average 46 days in November 2013.  Additionally, the median lease price was $1095.  Executed lease agreements have been trending down since August which had a peak for the year of 4209 homes leased as compared to October with total homes leased of 3311 and November with 3297 total homes leased.  One reason for the decline in executed lease agreements may be because the previous homeowner’s who became tenants during the housing bust a few years back can now purchase again with some loan programs only needing a minimum of one year from a foreclosure.  With executed lease agreements trending down, competition for landlords is high meaning that how a property shows cosmetically and the price are more important than ever.  Additionally, with the holidays this month and people low on funds from the holidays next month, we can expect even lower rates of executed lease agreements until most likely February/March of 2014.