Rental of Phoenix Apartments on the Rise

After a five year slump rents have begun to rise across the country. An increase in rentals is one sign that “homes have become so expensive in many big metropolitan areas that some people have decided to rent instead.”

Interest in renting Phoenix apartments is on the rise, and as mortgage rates increase, so will interest in renting instead of owning. According to Global Real Analytics, rents have climbed in approximately 85 percent of large metro areas, while back in late 2003 rents were falling in those same markets.

Although there have been some declines in cities like Dallas, Denver and Memphis, the cost of renting a Phoenix apartment is slowly increasing. A surge in condo conversions is also helping push up the rental rates of Phoenix apartments as they are “taking many rental buildings off the market.”

Even with these increases the Phoenix apartment market remains better for renters than landlords. This is due in large part to the fact that “home sales remain healthy…and many people are using creative loans that hold down their initial payments.”