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June 8, 2022 Market Update

Wednesday, June 8, 2022   /   by Bryan Baylon

June 8, 2022 Market Update

The rental market, as represented by ARMLS rental listings, has cooled since this time last year.

During May 2021:

  • 1,473 leases were closed
  • 74.1% leased at asking lease price
  • 18.3% leased below asking lease price
  • 7.6% leased above asking lease price
  • Median closed lease = $1,900/month

During May 2022:

  • 1,954 leases were closed
  • 53.5% of rentals were leased at asking price
  • 41.6% were leased under asking price
  • 4.9% were leased over asking price
  • Median closed lease = $2,200 

The rental listings on ARMLS are not a balanced cross-section of the rental market. They tend to be skewed towards higher-end properties and single-family homes rather than relatively affordable apartments. However we have to work with the data we have, rather than the data we wished we had.

Although the median lease price has increased over the 12 months, far more listings are leasing below the asking price and far more listings are appearing on the ARMLS database. Landlords do not bother to list their properties on the MLS if they expect them to lease up very quickly and easily. So the fact that we are seeing a 40% increase in new rental listings compared with 2021 shows us that landlords are less confident than they were a year ago.

Rental prices has not changed a lot in the last 5 months and the median lease price seems to have hit a stable patch around $2,200.

As of June 5th, 2022, there were 2,385 active vacant rental listings in the Arizona Regional MLS, up 26% since January 1st, 2022 and up 79% since September 1st, 2021.

All these statistics exclude short-term rentals.

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
602-410-0827

© 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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