According to most recent reports, the metro Phoenix housing market is hot right now, and industry experts agree that now is the perfect time for many potential buyers to invest in Phoenix real estate. However, home buying is not the only part of the overall market seeing an increase in activity. Home rentals in Phoenix are also flying off the market, and an increasing number of consumers are turning to renting instead of buying as a result of the recession that left many individuals with bad credit.
Some Phoenix home owners lost their homes to foreclosure during the recession, and though foreclosures are rapidly becoming less common, some home owners are still reluctant to buy a home again in such a relatively short period of time. So, the rental market is becoming one of the most important facets in the Phoenix housing market overall. In fact, bidding wars are just as commonplace for rental properties as they are for homes on the market for purchase.
In a report recently issued by the Arizona Regional Multiple Listing Service, Phoenix home rentals this summer reached an all-time high, and more rental contracts were signed this summer than in any other time frame throughout the last decade. Investors are also jumping on board of the home rental trend, and are scooping up properties intended for use as home rentals in popular cities such as Tempe, Glendale, Scottsdale and Phoenix. As new residents continue to migrate to Phoenix in order to take advantage of the favorable local economy, the rental market activity is expected to hold strong throughout the end of this year.
If you are thinking about purchasing a Phoenix home, please don't hesitate to contact me if you have any questions along the way. You also can check out my FAQ page to learn more about the home buying process and to acquaint yourself with some of the market trends that might impact your decision to choose the best Phoenix real estate to meet your needs.