Are Rents On The Rise? A Heat Wave For Rentals!
Many have heard that the housing market has a lower than normal amount of listings and that favors sellers being able to sell their properties at a higher price, but how is the Rental Market these days?
In the Phoenix Metropolitan area from January 2014 to January 2015 rents have risen 5.6% and since January of this year most of this Phoenix area has noticed a 10% or more increase in rental rates. Along with the resale housing market the inventory is low and the demand is very high for rental homes. Especially in areas with the most desirable school districts like North Phoenix, Ahwatukee, Mesa, Gilbert, Chandler, North Peoria, North Glendale, and Deer Valley.
With this positive trend Landlords ask the question, how long will it last? Some argue that new construction will soon out pace demand, reducing the landlords’ ability to increase rents. Others still argue that demand will remain strong for years to come, mostly because the economy is producing more jobs but many of those jobs do not have enough earning power for many of the renters to become home owners.
If you are interested to see home much we could rent your home for please contact one of your friendly and knowledgeable Property Managers at 480-654-3655, remember we have the largest service area of any property management company so no matter where your home is in Maricopa, Pinal or Pima County we can probably help you out.