From the Cromford Report:
March 2 - The supply of #rentalhomes for rent continues to plummet dramatically. We have just 3,416 of them (excluding UCB) on ARMLS and this is down 32% since the start of 2014. This represents only 33 days of supply given that some 3,000 get leased each month. Each week we are seeing new record lows for the lowest days of supply on ARMLS that we have ever recorded. Although we have not yet seen much of an increase in rents for homes already leased, the remaining 3,416 homes on offer are going for an average of 74c per sq. ft. per month. This is up from 69c at the start of the year and 71c last month.
On March 2, 2013 we had 4,785 single family rentals on offer through ARMLS, a 44 day supply.
On March 2, 2012 we had 4,313 single family rentals on offer, which was a 54 day supply since were only seeing 2,500 leases signed a month in those days.
On March 2, 2011 we had 2,960 single family rentals on offer, which was a 41 day supply, with only 2,000 leases signed per month.
The single family rental market through ARMLS has grown 50% in the last 3 years and is reaching levels of inventory that will cause stress for prospective tenants.
Based on the needs and desires of the current population of Greater Phoenix, it seems that we are offering too many homes for purchase and too few homes for rent.
Despite massive purchases by landlords over the last 4 years, including institutional investors, there could be a severe shortage of homes available for rent if current trends continue.
#AvondaleHomes , #GoodyearHomes , #BuckeyeHomes , #GlendaleHomes, #PhoenixHomes , #SurpriseHomes , #PeoriaHomes , #TollesonHomes, #LaveenHomes , #WaddellHomes , #WittmanHomes
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