Phoenix: Rental Property Inventory Up 113%

Valley realtor notices an uptick in rental properties on the market

Numbers are up 113% from this same time last year, according to experts.

PHOENIX (3TV/CBS 5) – Finding a home to rent in the Valley may be a bit easier compared to this time last year. A Valley-based realtor says the long-term rental market appears to be growing.

According to Shelley Sakala with the Sakala Group Real Estate Team, as of Monday afternoon there were nearly 3,000 active listings in the Valley. She says that’s an 18% increase from last month, and a 113% increase from the same time last year.

Again, this sounds like 2007 Irrational Exuberance by a pumper of Real Estate:

“You’re also going to see a lot of people that are you know, waiting for the market to crash, which we are not thinking is going to be a crash whatsoever,” Sakala said. “But they’re kind of hanging around some of these investors hoping it’ll crash hoping to pick up some properties and then they’re in turn going to turn and use them as rental. So in that case it will create some more rentals for the area.”

Cue up the Kasier Chiefs “I Predict a Riot” for China.

Here in the States and Canada how long before we begin seeing 40-50 year mortgages as a new way to sucker first-time buyers suffering from FOMO?

We need more articles on insurance rate increases too. That’s a big outlier which has a disturbing portend for housing.

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Compare Vacancy rates in San Francisco vs. Phoenix during the 2020 pandemic versus 2022 post pandemic….

I know some young people that got $2,000 discounts on leases in The City in 2020

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From TB’s link:

San Francisco Chronicle headline: San Francisco rent prices have diverged from every other big U.S. city in one key way

Photo of Kellie Hwang
Kellie Hwang

June 15, 2022|
Updated: June 15, 2022 7:17 p.m.

San Francisco’s apartment rental market has been the slowest in the country to bounce back after vacancies soared early in the pandemic, fueling a big drop in rents, new data shows.

In fact, San Francisco is the only big metro area in the U.S. where people are currently paying less for an apartment than they were before the outbreak of the coronavirus more than two years ago, according to real estate listings website Apartment List. The South Bay is right behind, with the San Jose metro area in second to last place for rent growth since the beginning of the pandemic.

The data illustrates just how much the Bay Area’s economy and rental market stand apart from other big U.S. cities, especially the population centers in the Sun Belt, which saw an influx of renters during the pandemic that caused vacancies to plummet and rental prices to soar over the course of two years, said Rob Warnock, senior research associate at Apartment List.