I have a client moving into one of my Scottsdale listings next week, and while I knew she’d been looking independently for three months, I didn’t know how challenging her search had been until last night. She copied me on an email, referring me to a colleague who needed to find a home to rent in the next week.
In part, her email said:
So you know, it’s a rental frenzy right now. We looked for 3 months to only find that every decent home we liked, there were already 2-3 offers on the table.
And then, I read this update from Michael Orr at the Cromford Report.
We know that rental MLS listings represent only a small part of the overall rental market since since many landlords and rental agencies don’t use the MLS to advertise their rental properties. This is particularly true of multi-family apartment buildings. However the rental listings that do appear within the ARMLS database represent a statistically significant sample of the rental market. There are usually between 7,000 and 10,000 rental listings active on ARMLS and single family detached rentals are particularly prominent among these listings.
Six months ago, on September 21, 2009 there were a total of 9,381 active rental listings on ARMLS, of which 5,460 were single family detached. Today there are only 6,009 active rental listings of which 3,133 are single family detached.
So in just six months, 36% of the total rental inventory on MLS has disappeared, while 43% of the single family detached rental inventory has gone. This is NOT normal!
Challenging, if you are renter.
Opportunity, if you are an investor or home seller not attracting any buyers.
To get a copy of the rest of Michael’s commentary, just email me at dru@click2az.com, or contact me via Linked In, Facebook, or Twitter.
Photo Credit: www.passionatephoto.com
{ 1 trackback }
{ 2 comments… read them below or add one }
If my memory serves me right,Scottsdale has a lot of vacation rentals for a big family and it it really true that you could not find easily single family rentals in Scottsdale..We visited Scottsdale and we tried to find a single family rentals but we failed..That is why we decided to rent a vacation rental at that time..The vacation rental that we have rented is perfect for a big a family..
Vacation rentals were much easier to find in 2008 and 2009. This year many rented early, and I’m finding that many are already rented for 2011. Most of the seasonal rentals that I’m aware of are townhouses, patio homes, or condos. Not so many homes, as you discovered. A lot of that has to do with having the landscaping and pools being maintained by the community’s HOA. As desirable service for the property owner, who usually lives out of state.