Phoenix - 2013 forecasts for SFR rentals

Hi Ben, here's some info I just posted on my facebook page from the Cromford report, a local and trusted source on the arizona real estate market and economy.

"*Arizona Phoenix Metro Single Family Rentals* - Inventory Update

There are 5,797 active single family rentals on ARMLS (Arizona multiple listing service) representing 73 days of inventory.

Last year on this date there were 4,997 representing 66 days of inventory.

Average lease prices through ARMLS were 67.1c per sq. ft. over the last month, up slightly from 65.3c per sq. ft. one year ago.

Two years ago we had 58 days of inventory (3,757 homes) leasing at 65.5c per sq. ft. We may be seeing the first tentative signs that the supply of rental single family homes exceeds the demand.

However, average days on market is 43 at the moment, down from 44 at this point last year, so any imbalance is not serious just yet.

Given the large scale conversion of owner-occupied single family homes to rentals, it would seem to be inevitable that the supply will exceed the demand at some point.

If the days of inventory of single family rentals goes above 90, then that situation will have arrived. At that point we would expect the average days on market to head north too."

As well, trying to find properties under 100K is a sport here at the moment. Happy Hunting

Source: http://www.biggerpockets.com/forums/311/topics/81175-phoenix---2013-forecasts-for-sfr-rentals

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