By Mike Bodeen · 26 December 2018
Comparing Values to 2014
For almost 10 years (2005-2014) our local Phoenix metro rental market was showing a flat line for appreciation in rental price per square foot (psf), as in 0%! This was great news if you were a renter. Beginning at that time until the present however, rental rates have increased 31%, or about 6% per year… Not such good news for renters.
If, however, you became a homeowner in 2014 after you had been a renter, you would have seen the best of both worlds. Assuming you bought at the average psf at that time of $131, which today is now at $166 psf. That’s about 6% appreciation per year on average!
So if you have been renting since 2014, your rates have probably been going up 6% a year on average, wheres if you bought in 2014, your house may have been appreciating at 6% a year!
Oh yes and of course we hope you all had a wonderful time during the Holidays full of family, friends, and food!