The price of rental houses in Phoenix has risen again

The price of rental houses in Phoenix has risen again. Friends who are now renewing their lease in Phoenix will find that the rent has increased. The price of house sales is still relatively stable, and the rental price...

The price of rental houses in Phoenix has risen again. Friends who are now renewing their lease in Phoenix will find that the rent has increased. The price of house sales is still relatively stable, and the price of rental houses has increased. According to the latest data from Arizona State University's Kelley School of Business, rents are up 5.7% from this time last year. Typical apartment rent increases exceed 5%. The demand for rental housing in Phoenix is ​​still relatively high, which is the driving force behind rising rental prices. Currently, there are not as many people buying houses as in the past. Some people don’t have good credit or don’t have a down payment. For others, the housing prices in the areas where they live are too high and they cannot afford it, so the best option is to rent. Some of them are just not sure they can settle down in one place. There were 2,742 homes for rent in November, almost half of the number of homes sold and consistent with the sales-to-rent ratio for the entire year. In 2012-2013, rentals accounted for only one-third of the number of housing sales. Apartment developers are betting on the current development opportunities, and more than 8,000 apartments are already under construction. Finding a rental at the right rent is much harder than it was a year ago. The average price for a two-bedroom apartment is $900 per month. The average rental price of a detached house in November was $1,152. This price is equivalent to the monthly payment of a 30-year loan with a 10% down payment, 4% interest, and a 275,000 house. In the short term, because the 2015 Super Bowl will be held in Phoenix, I wonder if more people will be deterred by the rent prices in March and choose to buy a house. For more information about Arizona homes, please contact real estate agent Tinna Xie 480-287-0180 Tinna@platinumaz.com