Its the first week of a new month, which for us means a new report cycle. Today we release or Residential Rental Report. While not as action packed as the latest movie feature, for those interested in purchasing investment homes or have homes they want to lease, this should grab your attention just the same.

A lot of this report is for reference purposes, with zip code lookups for lease rates in absolute prices as well as price per square foot. We also take a look at the high-rise rental market. Further, we look at larger aspects of the market including occupancies, vacancies, owner occupancy and lease rate trends. We also examine the relationship between home sizes and prices.

Given that price levels to purchase rental properties are the lowest in years, we are seeing some properties cash flow nicely. Without factoring any appreciation rates, many are getting high returns. This is good news, but naturally, caution is required. There is a lot of product out there in various conditions. Market research, due diligence and knowing any possible rehab costs are key. Due to competition, there is a lot of vacant product out there but some locations are really good and in high demand. This is especially true for people with solid jobs but went underwater on their home purchase. They may not be looking at apartments since they could have families and are not looking for a huge lifestyle change. They probably fall into the single family rental market. We look at both the single family and condominium markets.

The exhibit below shows average prices by different product types over the Valley.

Source: Mlxchange, Coldwell Banker Premier Realty.

We do sell these reports so if this info is useful to you, send us an email at info@cbprds.com.