PHOENIX - House rental rates in the Valley are high and in high demand.

"The best way to describe it is, [it's] like the house sales market in 2005 only for rentals," said a local Realtor . She is also a property manager.

"There are homes renting for $3,000 a month and people are standing in line to get in," she said.

Maricopa County has 58 percent FEWER rental homes available today versus 2006.

Depending on the area, the median list price is up 7 to 24.8 percent today compared to 2006 numbers.

The high rental rates are likely to go up even more, MacLean predicts, as another wave of foreclosures is likely.

"It is supply and demand," she said. "If you have a nice home then you can pretty much ask what you want."

Christine Ellis for example put her Arcadia home on the rental market a week ago. She recently bought a larger home to accomodate her family's needs. Ellis has had multiple rental offers.

MacLean said the trend is actually one that could eventually help the market rebound because it is making it less tempting for people to walk away from homes when they know there is an alternative to rent at a price that would cover the mortgage.

Phoenix Property Management Services 480.588.8356.