Trajectory Continues Upward for Monthly Median Rent and Median Sale Price
SOURCE: DATA COMPILED FROM ARIZONA REGIONAL MULTIPLE LISTING SERVICES, INC. BY THE WILCOX REPORT
Is Thirty-Eight Percent a Magic Number?
Chart one compares median monthly rent and median sale or purchase price for single family homes in Greater Phoenix (Maricopa County) from 2014 through 2019. Both the median rent and median sale price are up thirty-eight percent in 2019 when compared to 2014.
Apartment Rent Up Thirty-Eight Percent in 2019 Compared to 2014
Chart two shows apartment rents for the first quarters of 2014 through 2019. The rent in the first quarter of 2014 was $783 compared to $1,084 in 2019 for an increase of thirty-eight percent.
SOURCE: PETE TEKAMP, MARCUS & MILLICHAP AND REALDATA INC.
July 2019 Median Rent Hits All-Time High
There are 265,000 previously owned single family homes that are either a second home or used as a rental in Greater Phoenix (Maricopa County). Monthly median rent hit an all-time high in July 2019. It was $1,745.
Chart three shows the monthly median rent for previously owned single family homes. It starts with January 2015 and continues monthly through July 2019. For each of these years there is a similar pattern. All five years show January as the month with the lowest monthly median rent for the year. It then continues going up, peaking in either June or July, than dropping in August. December’s median monthly rent is between four and eight percent higher than January of the same year.
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