Rising Rents Equals More Homebuyers

Rents in the Phoenix area are rising rapidly when it comes to homes, apartments and condominiums. Rents have risen drastically in the last couple years and are still on the steady incline. The average rate of increase for rent was 8-10% in the last year, which placed Phoenix in the top ten largest increase for metro areas when it comes to rent cost.

Biggest Impact For Rising Rent

There are certain areas that have seen a larger increase in the average price for rent. The largest increases have been in Central Phoenix, Tempe and Scottsdale. It makes sense because those are prime locations and are close to attractions that draw people. Some of the best restaurants and shopping in the Valley are located within those great locations.

This has given people a better reason to purchase a home, rather than paying high rent prices that are still increasing. Purchasing a home can be seen as a better financial decision to many people.

If you’re ready to start your home buying process, contact us! We’ll be glad to help you search for the home of your dreams. Ask us for suggestions or help in finding a lender! 

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