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Old 02-12-2016, 07:16 PM
 
344 posts, read 813,677 times
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Phoenix area rental increases by zip-z545454343345.jpg  
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Old 02-13-2016, 03:55 PM
 
Location: La Jolla, CA
7,284 posts, read 16,700,454 times
Reputation: 11675
In some cases, it's not the increase in monthly rental rates as much as the availability of brand new, more expensive units. The 85004 ZIP code is a perfect example. Rents haven't gone up 15% for existing units, but there are nicer options exploding in every direction.
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Old 02-13-2016, 08:14 PM
 
Location: Coolidge, AZ
1,220 posts, read 1,597,542 times
Reputation: 989
Rents have skyrocketed in 85202, that I could attest to. Thankfully I'm paying below market since I rented my apartment in early 2013. I'm paying $850, same unit is currently renting for $960.
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Old 02-14-2016, 12:41 PM
 
Location: Phoenix, AZ
2,653 posts, read 3,053,952 times
Reputation: 2871
Maybe the increase in rental rates will push up the median home sales prices?
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Old 02-14-2016, 01:19 PM
 
Location: Phoenix, Arizona
169 posts, read 281,749 times
Reputation: 446
Like most problems in Phoenix, the rent increases can be attributed to transplants, who increase demand. They are decreasing the quality of life for those of us who have been here for many years. I wish they would all go back Michigan.
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Old 02-14-2016, 01:31 PM
 
Location: Phoenix, AZ
2,653 posts, read 3,053,952 times
Reputation: 2871
Quote:
Originally Posted by phenomenon View Post
Like most problems in Phoenix, the rent increases can be attributed to transplants, who increase demand. They are decreasing the quality of life for those of us who have been here for many years. I wish they would all go back Michigan.
Awh, that's not being very hospitable. I heard a lot of that attitude when I lived in San Diego and it struck me as being mean...
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Old 02-14-2016, 01:46 PM
 
9,196 posts, read 16,661,420 times
Reputation: 11328
Quote:
Originally Posted by phenomenon View Post
Like most problems in Phoenix, the rent increases can be attributed to transplants, who increase demand. They are decreasing the quality of life for those of us who have been here for many years. I wish they would all go back Michigan.
My quality of life here couldn't be much better. Maybe work harder?
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Old 02-14-2016, 01:57 PM
 
Location: Phoenix, Arizona
169 posts, read 281,749 times
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Quote:
Originally Posted by DetroitN8V View Post
My quality of life here couldn't be much better. Maybe work harder?
I like Phoenix (although I liked it a lot more in the past) but if you're happy with the increase in traffic, rent and sprawl that means it now takes an hour to do a mundane task like grocery shopping, then I want whatever you're smoking. The city wasn't always like this but I wouldn't expect you to know since you're a transplant from Michigan.
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Old 02-15-2016, 04:18 AM
 
9,782 posts, read 11,187,785 times
Reputation: 8501
Quote:
Originally Posted by phenomenon View Post
Like most problems in Phoenix, the rent increases can be attributed to transplants, who increase demand. They are decreasing the quality of life for those of us who have been here for many years. I wish they would all go back Michigan.
If you were not born and raised in PHX, then you too you are part of the problem. Re: rent increases. I'm not sure what you are talking about. I pay $0 a month in rent and my rates haven't gone up since I bought the house in 2011. (I paid cash). People like me helped clean up all of the foreclosures that were an eyesore. I know you really meant to say Thank You. Your welcome!
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Old 02-15-2016, 06:03 AM
 
Location: Scottsdale, AZ
1,350 posts, read 1,369,446 times
Reputation: 1928
Quote:
Originally Posted by 43north87west View Post
In some cases, it's not the increase in monthly rental rates as much as the availability of brand new, more expensive units. The 85004 ZIP code is a perfect example. Rents haven't gone up 15% for existing units, but there are nicer options exploding in every direction.
Great point. New construction, being new and clean and basically in perfect condition, definitely command higher rents, particularly if they are designed to be true luxury units (as opposed to normal cookie-cutter units that are marketed as "luxury" because they are new). Ultimately, though, more rental units will help slow the ascent of rental prices.

Higher rents should help home prices somewhat, in that it might push more buyers into the real estate market, and more demand would lead to greater prices for home sales. But so far I don't know that we've seen that since it's only recently that people have really started grumbling about the rise in rents. I assume if this trend continues, it will eventually help with home prices. That said, if someone who was living in the Valley didn't buy a home during the previous 5-7 years when prices were fantastic ... then haven't they already demonstrated that they either do not want or really can not afford to buy a house and prefer to rent? I think that's a definite factor.
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