Welcome to 2014. As a way to keep all of our investors informed, I have compiled all of the rental stats from 2013.
First things first, 2013 was a great year for Maricopa County. Last year 43,111 rentals were closed, which is a 12% increase from 2012 with 37,941 rentals closed. The average closed rental price in 2013 was $1,279 which is a 19% increase from 2012. Rentals in 2013 averaged 48 days on the market, with an average lease price of $1474, and a median price of $1095. What does this mean? Well despite the monthly inventory on average of 3,593, rentals are still kicking and continuing to appreciate. Interestingly enough as of RIGHT NOW the percentage of closed sales vs closed rentals are 49%. If you were thinking of listing your property for sale, or you have been unable to sell your property, it may be wise to list the property for rent instead.
If you have any questions on the current market values of your property, or would like a rental analysis, please feel free to reach us at Trilogy Realty.