By Mike Bodeen · 11 October 2021
In Fourteen Hundred and Ninety Two, Columbus sailed the ocean blue,
to find affordable housing, that’s true.
Renters now seek affordable housing, but in Two Thousand and Twenty One, there are none.
Some interesting stats about our increasingly woeful rental market. Oh, it’s not woeful if you own a home or are a landlord, but as a non (non-homeowner that is) it’s getting progressively difficult.
Some rental stats. (These rentals exclude short term vacation rentals)
Over the past two decades:
1) The Phoenix Metro area had a balanced stretch of rent stability between 2000-2015 where the average price per Sq. Ft. (PSF) ranged in the $.70 cents PSF range.
2) The lowest PSF was in March of 2005 when rents were $.64 cents PSF.
3) The highest PSF in Metro Phoenix was August of 2021 – two months ago. $1.37 PSF.
4) PSF one year ago in September of 2020: $1.15.
5) Current PSF (September) is $1.35 PSF — 17% rent increase in one-year!
6) Highest PSF Zip Code is 85390 (Wickenburg?), at $2.83 PSF.
7) Historic Downtown (85004) and Carefree (85377) follow at $2.19 and $2.00 PSF.
8) 7 of the 12 highest zip codes PSF are in Scottsdale
Top Ten Monthly Median Lease Price by Zip Code for Various Dwelling Types:
Single Family Detached (SFD)
1) 85253 (Paradise Valley) $14,750
2) 85259 (Scottsdale East of 101) $4,000
3) 85255 (North Scottsdale) $3,800
4) 85254 (Central Scottsdale) $3,775
5) 85258 (McCormick Ranch, Scottsdale Ranch, etc) $3,750
6) 85018 (Arcadia, Biltmore) $3,750
7) 85266 (North Scottsdale) $3,700
8) 85262 (North Scottsdale) $3,700
9) 85250 (South Scottsdale, downtown Scottsdale) $3,600
10) 85054 (Desert Ridge) $3,500
Townhouses
1) 85253 (Paradise Valley) $5,750
2) 85255 (North Scottsdale) $3,625
3) 85259 (Scottsdale East of 101) $3,400
4) 85258 (McCormick Ranch, Scottsdale Ranch, etc) $3,200
5) 85262 (North Scottsdale) $3,050
6) 85012 (Central and Camelback) $2,950
7) 85018 (Arcadia, Biltmore) $2,838
8) 85016 (Camelback Corridor) $2,776