The Greater Phoenix Area Needs You!
The rental market is so hot here it is crazy. In Greater Phoenix there is 1.5 months of inventory of rental properties. It is a mad scramble to secure a rental home it seems.
See excerpt below written by Residential Focus By Fletcher Wilcox, Vice President of Business Development, Grand Canyon Title Agency, Inc.
"Fixing and holding: Investors see upside in buying and holding. Investors are meeting the demand for single family rentals by buying, fixing, holding and renting them. The renting of a single family home is the hottest sector of the residential real estate market when measured by estimated months of supply. On March 10, the estimated months of supply of single family home rentals in Greater Phoenix was 1.5 months down from 1.8 months in February and down from 2.0 months in January. On March 10, there were 2,995 active single family rentals compared to 3,277 on February 10 for a 9% decrease. There were 2,001 single family leases signed in February. The hot single family renter market is a result of the thousands of people who owned a single family home, lost it through a short sale orforeclosure and prefer to continue living in a single family home, thus the great demand. I hear stories that sometimes before a “for lease” sign can be pounded in the ground there is an offer to lease."
Please contact me at MollyTrecek@cox.net for full report.