Phoenix’s Housing Market is the first to experience a double-barreled Housing Crash in 2022. Where both the For Sale and Rental Markets decline at the same time. Real Estate Investors are now bailing out of the Housing Market as a result.
Phoenix tends to “lead” the US Housing Market. Back in the mid-2000s Phoenix (as well as Las Vegas) were the first markets to crash. And then the rest of America caught up. A similar trend is playing out in 2022. Atlanta and Charlotte are two others markets with lots of Real Estate Investors and Home Building that are likely to follow in Phoenix’s footsteps in coming months.
Aug 2021 Video on Rental Bubble: https://youtu.be/OI_g85Dn5lk
Feb 2022 Video on Phoenix: https://youtu.be/5_muaO-TRz4
Some might ask: “How is it possible that demand for rentals and for sale properties goes down at the same time?” If Mortgage Rates go up, and fewer people buy, shouldn’t rental demand increase? Interestingly – no. Demand to buy and demand to rent are both part of overall Housing Demand. And now in 2022 we are seeing Housing Demand decline due to Inflation, the Recession, and record low Consumer Sentiment.
Evictions are also part of the slowdown in the Rental Market in Phoenix, with Maricopa County reporting a record high in recent months. Unfortunately, we do not have access to National Data from Eviction Lab to verify the Evictions. They stopped updating it on August 6th.
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