There seems to be a misnomer about the Phoenix housing market right now. Yes some houses are selling however monthly sales in June 2014 were down over 12% from the same time period one year ago and down 3% from May 2014. Additionally, total inventory is up approximately 42% from last year leading to an average days on market of over 80 AND there is currently almost 4 months worth of inventory.
In contrast the average rental amount increased from May 2014 to June 2014 from $1282 to $1413 and the days on market fell from 35 to 27. In conclusion, make sure you look at all of the numbers before you decide to list your Phoenix rental property and disturb your tenants.