The Average Cost of Rent Grew by 6.9% in Phoenix in 2018.
google.com/amp/s/www.inman.com/2019/02/20/ren...
google.comPosted Feb 24, 2019, 4:35 AM UTC
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google.comWhat I find frustrating is all the new builds labeled as "luxury" condos or apartments. No one is building affordable complexes anymore. I keep saying that when I win the lotto, I'm gonna build affordable housing with that money. I remember being able to rent an apartment in Tempe right off of 5th St in the '90's for dirt cheap. My 20's were awesome because I could afford to be poor. Those days are looong gone.
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I was talking to my parents about this the other day, it seems like here in Tempe close to ASU it’s either old apartments or brand new ones that are really expensive. There’s no middle ground. I don’t understand how all the new apartments put up doesn’t bring the price of rentals down due to competition
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I was living in Villagio in a 2 bedroom, 2.5 bath, 2 car garage, easy bike to the light rail for $1200/month(so 600/person, you could maybe even do 3 people), up until I bought my house last year. Overall a pretty nice place, built in 2007 so not old. They're condos so not always easy to find one open at a good price.
If you look you can find deals like that on Craigslist. It took a while to find that one.
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i second villagio probably the best bang for your buck close to campus
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Have a house my family rents out, haven't upped the rent at all.
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Bless you and all you do.
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Last year you couldn’t buy a property at market rate and rent it out without losing money, unless you were a cash buyer.
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Have you noticed your water bill lately? Mine is up 10% over the last couple of years. Gas, electric and property taxes too.
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Electric is up a lot this year. I expect to pay $70 or so in the winter, I'm paying $100.
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We can probably thank Prop 206 for that.
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Paying $1600/month for a 2 bedroom apartment in Chandler. Parents are paying $1300 for a home in N. Scottsdale that they bought 10 years ago. It's insane!
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Phoenix is on of the fastest growing cities in the US. Over 100,000 people a year to the metro. I'd say them moving here and increasing demand has more to do with it since nothing involved in renting a home is related to minimum wage workers.
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Exactly. People aren't flocking here because minimum wage is higher. They come for the white collar tech jobs instead.
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It's part of it, but I agree, it's not completely a primary factor.
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This is an overly simplistic conclusion.
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The housing crash of 2020/2021 can't come soon enough
Housing crash doesn't mean rent drops too. If people are losing their houses that just means they're going to be looking for places to rent. It also means developers stop building new stuff, so rent demand is high and prices don't drop.
Phoenix housing prices are still 10% 2008, which was a correction.
Hey, 2019 is still young.