AZ Rental Supply & Demand Insights

Bloomberg indicates an average of 220 people move to Metro-Phoenix daily. 

 

A compilation of many sources indicates the average rental vacancy rate is back to a pre-recession 6%.  Some of the contributing factors are job growth, climate, affordability, location, and rental friendly legislation.  

Having added over 58,000 jobs last year, Arizona’s growth rate was 3.1%, and it is ranked in the top 10 US States for job growth. The Grand Canyon State's climate boasts an average of 296 days of sunshine per year, which allows for year-round sporting venues, over 200 golf courses, top-notch outdoor recreation events, and a budding foodie scene. Affordability, according to AZ Economy, is better than the US average.  RentCafe indicates that Arizona is ranked fifth in the category Best States for Common Renting Issues. Factors for the ranking include, security deposit maximums, security deposit return laws, essential services noncompliance remedies and tenant repair options. 

All signs indicate that renters will continue to flock to Maricopa County however, there are some predictions that there will be a housing squeeze as rent prices continue to grow and supply of housing stabilizes.  

 

Statistics indicate that 36% of the housing inventory for Maricopa County is renter occupied. 

If you are thinking about renting out your AZ home, contact us today for your free rental rate evaluation.