The average lease price for most of the Phoenix area, continues to increase month after month since March 2014.
The monthly average has increased from $.0.70 per sq. ft to about $0.79 when calculated as a 12 month moving average.
For current lessees who don’t have a lease agreement in place with guaranteed or built in incremental lease payments, they may see an increase in the monthly payment when the lease is up for renewal.
If you are currently in a lease and would like to purchase to build, now is the time to talk to a lender who can work with you to determine what you can qualify for or what you need to do to get qualified for a mortgage loan.
According to the Cromford Report,
Average rental rates continue to climb in most areas, so after many years in which the charts were too boring to bother, we have finally published a Monthly Average Lease Price per Square Foot based on filtered and corrected ARMLS data. Warning: if you try to do this yourself from the raw ARMLS data you will find it almost impossible. There are thousands of data errors which completely distort the chart. Some agents enter sales prices as lease prices, many enter 0 or 1 for the sq. ft. and some enter the annual lease price instead of the monthly rent.
For prospective tenants, here is one unusual area where rent has not increased very much in the last 3 years: Gilbert 85295.
Gilbert 85298 is similarly unchanged over the past few years. Other areas of Gilbert have seen more significant increases in rental rates.
To find out how other parts of the valley are doing send me an email so I can send you more detailed info