How brisk is the renter’s market in the Phoenix area right now?
Twice within the past two hours, once while driving down 75th Avenue in Glendale and again on 83rd Avenue and Peoria, I had to change lanes to maneuver around someone who had stopped in the far right lane, flipped on the hazard lights and was calling the phone number on a For Rent sign.
No matter that these are relatively busy, major streets on this side of town … no matter than an inattentive driver easily could plow into the rear end of one of these cars and send them into the front yard of the house they presumably want to rent.
And no matter that there was no information other than a phone number – no sense of how big the property might be, of whether there’s a pool, of how much the rent is …
Renters are reaching that stage of desperation in their quest to find a home.
Keeping in mind the Arizona Regional MLS shows only a portion of the rental market at any given time, since many homes never are formally listed … at the moment, there are just over 3,500 single-family detached homes available for rent in all of Maricopa County. And more than 2,100 homes have been rented in the last 30 days.
Do the math and there’s less than six weeks of rentals available roughly one month before school starts back up here in the Valley.
There are many, many things to consider when debating whether to invest in real estate in a given area. But it seems rather safe to say, the ability to rent a property in the Phoenix area shouldn’t be a concern right now.
Driving down the road without hitting a car idling in front of a For Rent sign – now that’s a challenge.