Rental scene may be changing — for now

By Paul Maryniak | San Tan Sun

The rental market both locally and nationally is cooling a bit – but analysts said two weeks ago there might not be much reason to celebrate on either front.

Apartmentlist.com, a nationwide rental listing firm, said trends in apartment vacancies and rent indicate that more empty apartments are entering the market and rent increases are slowing, but that likely won’t remain the case long-term.

And looking at the Phoenix Metro area, the Cromford Report said that even the limited rental data available on the Arizona Regional Multi Listing Service shows that “though the median lease price has increased over the 12 months, far more listings are leasing below the asking price and far more listings are appearing on the ARMLS database.

“Landlords do not bother to list their properties on the MLS if they expect them to lease up very quickly and easily,” the Cromford Report said. “So the fact that we are seeing a 40% increase in new rental listings compared with 2021 shows us that landlords are less confident than they were a year ago.”

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