Phoenix Rental Trends Report - June 1st, 2021

The weekly Phoenix Rental Trends Report analyzes three key data points: active listing growth, renter lead growth, and average renter leads per property for January through May of 2021.

Phoenix Rental Trends Highlights for the Week of June 1st, 2021

• Phoenix’s active listing growth has followed a consistent pattern throughout 2021, a peak around the first two weeks of the month, followed by declines towards the end of the month. May saw fewer declines than all previous months, and June should continue in an upward trend as the busy renting season ramps up.
• Renter lead growth is strong in Phoenix. With an initial jump to start the year off and minimal losses throughout 2021, the data suggests strong demand for rentals in Phoenix. May posted the second-largest increase of 2021 at 168%, and the average number of leads per property doubled week over week, indicating that demand may outpace supply.
• The average number of leads per property peaked in January and has seen ebbs and flows in the following months. April and May both saw spikes and averages in the mid-twenties. May demand waned as the month went on but has continued to move back up with 16 leads per property reported for last week.

The Data:

The TurboTenant Rental Trends report includes three critical rental market indicators. Our first data set is the total active listings for each week. This analysis looks at the change in the number of active listings in each location on a week over week basis beginning the week of April 6th and ending on Sunday, September 13th. Our second data point is total renter leads. Here we analyze the change in the number of renter leads each location reported on a week over week basis. Our third data point is the average number of renter leads each property receives. Again, we analyze the reported change on a week over week basis. This data point brings together the two before it and gives us a good idea of how supply vs. demand is trending.

Markets We Analyze

We include analysis of 24 major rental markets throughout the U.S. Our goal is to cover the largest rental markets while also adding smaller markets throughout the midwest regions. While the data points reported on for each city remain the same, what will differ by location are the shelter in place orders, the timing, and degree in which the city shut down, as well as re-opening timelines. Each area was also affected to a greater or lesser degree, by the number of COVID-19 cases, and our analysis aims to gauge that impact.

You can also view our monthly report here.