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April 6, 2022 Market Update

Wednesday, April 6, 2022   /   by Bryan Baylon

April 6, 2022 Market Update

New rental listings are arriving thick and fast now. The count over the past 4 weeks is 31% higher than at this time last year. However they are getting leases signed pretty quickly and the number of active listings is only 0.6% higher than this time last month. What should be more concerning for landlords is:

  • active listings are up 44% from this time last year
  • the average lease price per sq. ft. being asked has dropped from $1.80 to $1.69 over the last month, a fall of 6%
  • the average lease price per sq. ft. being asked was $1.99 this time last year, so it has fallen 15% in 12 months

These are starting to look like significant changes of direction. The supply of rentals had been falling until August 2021 and the asking rent had been rising for many years until it peaked at $2.03 just over a year ago.

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

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