If you’re looking for a new home in the Valley, the odds are you could be renting.
According to RealPage.com, Phoenix is the fourth fastest growing city for renters. For those looking into trading their current home for something less permanent, there are some Valley trends you need to know.
We spoke with Tom Simplot of the Arizona Multi-Housing Association about the topic. He says rent is at an all-time high. But that’s coupled with all-time low numbers in vacancy.
"It's not a trend that's happened just recently--it occurred right after the recession,” said Simplot.
But here’s where the numbers get interesting. High demand for apartments in Phoenix is offset by high supply. So while rent is up 3.8% according to ApartmentList.com, it’s still relatively affordable.
The ApartmentList.com survey places the most expensive one-bedroom apartments in Scottsdale. But what’s interesting is the most expensive two-bedroom apartments are in Surprise. The median rent there is about $2,500 a month.
"It might be a little bit of a different situation. The fact is, that supply has not caught up with demand so there haven't been any new apartments being built in Surprise or truly the entire West Valley area. So the rents go up," said Simplot.
For the entire ApartmentList.com survey click here.
