Tuesday, April 19, 2022 / by Bryan Baylon
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.