According to rentBits, a rental search engine for apartments and rental homes, the average rental rates for Phoenix have seen a slight decrease November over October. Collectively, across all bedrooms (3,541 listings), the average rental rates has decreased from $788 in October to $786 in November.
"Demand for rentals in Phoenix has not caught up with supply." says Dan Daugherty, CEO of rentBits. "This is putting slight downward pressure on the rental rates in this area."
In most other cities across the US, rental rates for apartments are seeing a slight decrease for the year. Much of this is due to a decrease in demand. Many renters for apartments are either moving into a single family home rental, moving back in with Family or sharing rooms with friends. This transitional period has put downward pressure on most apartment rental rates.
Source: http://rentbits.com/rb/t/rental-rates/phoenix-arizona
Hope you have a great weekend…
Gene Urban & Ron Urban
The Urban Team at Realty Executives
602-234-5777
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