Back in 2005 when I sold my home in Gilbert, AZ and started renting, my friends thought I was either nuts or in financial distress. Within a couple of years, people started saying I made a smart move. Even still, there were a lot of folks who thought renting was just for college students or those who couldn’t afford a house. The view has changed, and the Phoenix rental market is now hopping: [Thanks L!]
[N]ew data from the Arizona Regional Multiple Listing Service and real-estate analyst Mike Orr show the supply of houses for rent in the region is nearly as tight as the supply of homes for sale, and the number of leases signed in the past few months is at record levels.
The most recent month for which I have rental data from ARMLS, rental demand is up 16% YOY and up 431% over the past 10 years:
According to the Arizona Republic, people moving into the Valley can find themselves scrambling if they want to rent a single family home.
My how the world has changed.