In the Last 6 months, In my opinion, from my experience, Multi family and Single family residence.
Camelback, -7 to 10%
Downtown, -5% newer construction -10% pre 1999
Paradise Valley, -7 to 15% For the year -20%
Scottsdale, -5 to 10% for the year -20%
Mesa, -10 to 15% Huge Inventory
Tempe, -10 to 15% Huge Inventory
Chandler -5 to 10%
North Phoenix. -5 to 10%
Now that is only the last 6 months, and it is in the last 6 months that rental prices really started taking a hit.
Now these are estimates over all. Of course it depends on the individual property.
Example at the beginning of 2009 a 1 bed 1 bath apartment in Mesa was 650 per month.
Now it is first month free $395 per month that`s huge and a fact I have experienced.
Lets go to Paradise valley Single family newer construction I copied and pasted the following from MLS
6 bed 7 bath 6,900 sq ft single family rental
214 / 214
List Date: 03/16/2009
Status Change Date: 12/01/2009
Original List Price:
SA: N / 0 BB: Y / 4 % Var: N Type: ER
Renewal Comp: 3
Comp For Sale: 0
Commission Paid: Upon Occupancy that`s reduced 24%
Yes the market has decreased. If you could narrow down a 4plex, or a 4 bed 2 bath? the answer will be the same, only the % will change. Inaddition, We don`t have the real numbers from Craigslist where at least 50% of the rentals are marketed.
I would suggest that you visit www.Cromfordreport.com He crunches MLS data