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July 18, 2022 Market Update

Monday, July 18, 2022   /   by Bryan Baylon

July 18, 2022 Market Update

The long-term rental supply is still growing very quickly - we have 2,916 active listings, up 18% from 2,463 last month and up 113% from 1,367 this time last year.

Most of the supply on ARMLS is single-family detached, with 2,088 listings. This has grown 27% from 1,641 last month and 165% from 795 this time last year. All those people building new homes to rent should take heed that they will have plenty of competition from other landlords to attract a limited pool of prospective tenants.

The average rental asking price on ARMLS is down to $1.57 per square foot per month. This has dropped from $1.63 last month and $1.94 this time last year.

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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