If you need assistance, please call 602-410-0827

April 19, 2022 Market Update

Tuesday, April 19, 2022   /   by Bryan Baylon

April 19, 2022 Market Update

As if responding to yesterday's observation, today we have over 1,000 Coming Soon listings for the first time. Supply is beginning to grow at last and nowhere more than in the single-family detached rental market. Over the past 4 weeks we have seen a 34% increase in the number of new rental listings added to ARMLS compared with the same 4 weeks in 2021.

There has also been a 20% increase in the number of rental homes available in Phoenix on the Progress Residential web site over the past 4 weeks.

Renters of single-family detached homes are seeing far more choice than they did last year and we are starting to see homes advertised with "the first month's rent is free". Rental supply is particularly strong in Gilbert.

This appears to be a significant turnaround in the rental market and it does not seem to have been recognized by the media outlets, who are mostly still referring to rising rents. That is so 2021.

Market incites provided by the Cromford report.

Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Bryan Baylon - Keller Williams Northeast Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. June 21, 2024
This site powered by CINC: www.cincpro.com