Phoenix area rents increasing
Hello!
There was an article on www.azcentral.com yesterday detailing the rent situation in Phoenix - click HERE to read it in its entirety.
It states that Valley renters will pay an average of 5.4% more this year in rent, or $785 a month. Plus, with vacancy rates projected to fall below 5% for the first time in years, landlords won't be offering great incentives like they have in the past - i.e. 1st month free, or lease renewal specials.
We had predicted this again and again.....with so many condo conversions, a large number of rental units disappeared - but the number of renters did not. Supply and demand dictates that if there is a low supply, prices will rise.
If you are currently renting, this is a great reason to look into investing in your own home. We can get you in touch with lenders who can assess your buying power AT NO COST TO YOU! There are great tax advantages associated with home ownership - and why should you throw your money away on rent?!
If you are a landlord - or want to become one - now is a great time to buy. There is a lot of inventory for sale, and a high demand for rental properties. Many condo conversions have incredible incentives, too!
Please contact us at info@WeAreAZRealEstate.com or 480-483-3333 and let us know how we can assist you!
Sharon Kotula, ABR
Adam Tarr, e-PRO
Your Phoenix Area Real Estate Source
RE/MAX Excalibur
Scottsdale, AZ