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April 22, 2022 Market Update

Friday, April 22, 2022   /   by Bryan Baylon

April 22, 2022 Market Update

Comparing today with April 22, 2021 for active rental listings on ARMLS:

  • Singe-family detached rentals have grown from 728 to 1,561 - a 114% increase
  • Townhomes are up 45%
  • Apartment-style homes are down 12%

That is a large shift in the mixture, with apartments harder to find but a dramatic increase in the number of single-family detached homes available to rent - the most since April 2020.

The average rent being asked for single-family detached homes is down again to $1.63 per sq. ft. per month. It was $2.03 this time last year. So not only do prospective SFD tenants have more than twice as many ARMLS listings to choose from, they are on average being asked to pay 20% less in rent per square foot.

Yet, almost everybody is saying rents are going up. Not in Phoenix they're not.

With rents going down and mortgage rates and home purchase prices going up, the argument for buying over renting is starting to look significantly weaker.

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
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