If a rental property falls in the foreclosure forest, does it make it sound?
Lost amongst the haphazard flailing of an epileptic market at large, the rental housing subset of the Scottsdale Real Estate market is picking up unexpected steam. Driven, perhaps, by the surge of former home owners turned tenants, the latest statistics bear out what I have noticed firsthand: the available rental inventory within the city of Scottsdale has thinned considerably. With fewer available properties to lease and absorption rates (number of properties leased per month juxtaposed against the current number of available units) at the highest level seen in several years, there is a fair amount of competition for rental housing at present. Whereas the demand was formerly relegated to the lower price points (rents under $1000), the dwindling number of options is starting to put upward pressure on lease prices. Though the numbers from May do not reflect a noticeable increase in the average rental price throughout the Scottsdale market, my personal experiences of late have really opened my eyes to the demand that exists (particularly in the $1400-$1800 per month range) for centralized single-family housing. Expect next month's numbers to demonstrate a significant bump in rents.
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