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July 12, 2022 Market Update

Tuesday, July 12, 2022   /   by Bryan Baylon

July 12, 2022 Market Update

Rental supply is growing in the ARMLS database, with single-family detached rentals growing fastest. On July 12, there were 2,012 single-family detached homes available for long-term rent with an average price per square foot of $1.57 per month. One year ago we saw 820 homes at $1.90 per square foot per month.

Apartments on offer for long-term rent number 443 at an average rent of $2.08 per square foot per month. Last year at this time we had 332 at an average of $2.13.

There are 33% more apartments and 145% more single-family detached homes on offer to tenants compared with 12 months ago.

The average rent asked has dropped 2% for apartments but 17% for single-family homes. The latter does not mean average rents have fallen 17%. It reflects a mix where far more lower priced rentals are being listed than in 2021.

However it is pretty clear that the era of rapidly rising rents is coming to an end.

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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