We remember the middle of 2013 when several real estate pundits were lamenting the acquisition of single family homes by investors and confidently predicting they would not find enough tenants and have to dump the homes back onto the market in large numbers.
As often is the case, the pundits were completely wrong. Single family rentals are now is such high demand from prospective tenants that it is becoming extremely hard to find one to rent. Very few investors have sold their investments and the supply on ARMLS has hit an all-time low.
We now have just 493 single family active rental listings on ARMLS priced under $1,200 a month. Two years ago we had 2,326. this is a drop of 79%.
Since we saw 1,053 leases signed in the last month in this price range, this is just 13 days of supply.
We have never seen such a shortage of affordable single family rental homes in the Greater Phoenix area.
Between $1,200 and $2,000 per month we have 25 days of supply and over $2,000 we have a relatively generous 85 days of supply.