Rental-homes spurt impacts monthly rents

The growing number of metro Phoenix rental homes is putting pressure on monthly rents in some areas. But the rising price of buying a home is making it a financial toss-up for many people trying to decide whether to rent or to own.

There were a record 2,645 leases signed for houses in the Phoenix-area during February, according to the Fletcher Report. The average monthly rental rate was $1,100 last month, exactly the same as in February 2012.

However, the own-to-rent ratio climbed from 10.4 percent a year ago to 13.6 percent now.

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