This residential home rental report features the RCQ™ (Rent Check Quotient™) which is a ratio of the number of Phoenix leases to the number of closed Phoenix home sales. The lease activity tends to be directly related to higher foreclosure volume, and inversely related to home ownership numbers. Basically, as rental activity moves upward, the presumption can be made that would-be home owners have turned into renters, and investor activity has moved upward to provide rental property for the increased number of renters. These investor homes would otherwise have been owner occupied houses.
The data that has been pulled together by the Phoenix Arizona RENT Check™ statistical report has come from Phoenix residential single family home rental market numbers as reported by the Arizona MLS (ARMLS).
As far as the homes in the communities of Desert Ridge, the number of Desert Ridge home buyers seems to be increasing. With fewer properties for sale in this North Phoenix community, there is much less inventory available to investors which is a good sign for residents. Values seem to be moving upward.
Click here to view the Valley’s latest single family home lease statistics.