Biggest Year Ever for Rentals

The rental housing market is dominating the regions housing sector. The housing crash is fueling a lot of the demand from tenants and younger, more mobile workers who have little interest in owning a home. 2013 had the most residential rentals closed through the MLS ever. Over 43,000 rentals closed, up 13.6% from 2012. Currently the percentage of closed sales to closed rentals is 49% and this does not include vacation rentals.

Jay Butler, Director of Realty Studies at Arizona State University thinks this a long term shift. Many people have lost their faith in the economy and their desire to own a home.

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