Phoenix Metro rental market explodes

for rent in arizona

The Phoenix metro area is seeing a surge in people looking for rentals and the supply is beginning to dwindle as rent rates rise.

Why is this happening?  It’s the domino effect.  Sellers who have gone through foreclosures or short sales need a place to live.  As the foreclosure and short sale numbers grow, so do the number of potential renters.

All I can say to someone looking for a rental is…Don’t think it’s going to be easy to find one!  Apartments have waiting listings and homes are being rented in just a day or two.

Supply is down to about a 6.6% vacancy rate and rents have recently risen about 2.5% which is making landlords happy.  AND…investors are happy too.

For anyone thinking of moving to the Valley, this would be a GREAT time to pick up a home or two (I know.. hard to believe I’m saying that, but when homes are listed for less than the price of a car…might as well pick up a couple!).  Rent it out until you’re ready to use it yourself or until our values rise.

When the market comes back (and it will), many who have adopted the investor mindset are likely to be sitting pretty!

Don’t say I didn’t tell you.

 

About The Amy Jones Group

Mindy Jones Nevarez is the owner of Amy Jones Group Keller Williams Integrity First. The Amy Jones Real Estate Group has been recognized as the #1 Real Estate Team in Chandler by the Phoenix Business Journal and voted Best of Our Valley for 4 years.

The Amy Jones Group specializes in real estate in Chandler, Sun Lakes, Gilbert, Mesa, Tempe, Ahwatukee, and Phoenix.