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I live in the real world, which isn't always a very charming place.
I'm still waiting for anyone to refute the basic ground truth of what I say. Wringing your hands and shrieking that I'm not compassionate doesn't fix or change anything.
The landlord is often seen as greedy. The enemy of the people.
But owning rental property isn't easy and can be disastrous if one isn't careful.
I've got tenants who are a good $450 under market rate. I can't subsidize this amount and they can't afford such an increase. I gave them 60 days to find a new home. The property is in Chandler but I doubt they will be able to find anything here. They will probably have to move to say Mesa.
The new Mesa renter I got late last year had to leave his rental in Tempe because he couldn't afford the rent increase.
Home values and the cost of renting will continue to climb.
But in time I believe the city of Phx will start to enact strong rent control laws as the number of renters increase.
My guess is within 10-15 years Phx renters will begin to call the shots. The surrounding areas may take longer.
At which point I will start to get out of the rental business.
I went through this change in Cal and once was enough.
Google rents for Merced, Madera, Fresno California
Should be cheaper than Phoenix and comes with slightly better weather. Rent is capped at 5% increase per year! Biggest con is air quality, but it's not a major issue unless you work outdoors or have bad lungs(actually, air is just slightly worse than Phoenix air, so not much change there)
Yes, there's less amenities, but it's a growing area, so expect a lot of improvements in that area.
If you do go there, look at getting a hybrid car or econobox car. Don't add to the problem.
Another spot is southern New Mexico. Dirt cheap, clear air, but not growing as quickly. Probably a sweet spot for retirees/soon to be retired
Plenty of sunny spots in the southwest, no need to overpay for that luxury. Cheers.
Metro Phoenix has just skyrocketed in recent years. I rente a nice room, nice house, nice area. I like living with others.
It is all supply and demand. People are flooding into Maricopa County as fast as they can it seems, so it has transitioned from a bargain to a metro that has very high rents considering the income level per-capita.
Much of California has lower rents. Bakersfield and Kern County is an area of around 900,000 people but the area has extremely low rents that are similar to those of rural parts of the south.
Fresno seems to average similar to Phoenix, but if one looks up listings the rents are much lower in many areas of Fresno.
Merced and Madara are affordable but are smaller. If one wants to have the lowest rents and doesn't mind rural than the lowest rents in California and about half the price of Phoenix would be in places in Ridgecrest, Mohave, Ridgecrest, El Centro and 29 Palms.
Phoenix considering the median household and per-capita income is one of the most expensive cities in the country especially for renters. With Phoenix it is a less to own which is unusual because in most western cities it's less to rent.
What’s funny about this is that phx has historically been that undesirable city people moved to to escape high COL. There’s nothing particularly special about this place; no major bodies of water, no important cultural institutions, no major historical sites, no vibrant bustling city center. It’s just a bland superheated sprawl of suburbs that is skyrocketing in cost because people from the Midwest heard it’s sunny and can’t be bothered to do enough research to figure out there are plenty of other, less extreme options to move to. No one should be paying LA or Boston prices for what this place has to offer, but that’s where we’re headed somehow.
I read this stuff and think it couldn't be more wrong. So many uneducated people who have no idea what life is like elsewhere.
As someone who regularly lives out of suitcases in those other cities, they are not that great, especially with the mounting issues those other places have.
I swear, people who don't get out of Phoenix much or into Phoenix much just don't have a clue about what makes Phoenix so great.
Zev Hendeles, principal of Phoenix-based 3rd Ave Investments, was expected to close on a $53 million multifamily deal on Friday, bringing his total acquisitions so far this year to 672 units.
His latest deal is to acquire the 384-unit Colter Park Apartments, 909 W. Colter St. He's buying the apartments from Montreal-based Sheiner Group. It was financed through Brandon Harrington at JLL.
He said he plans to invest another $3 million to renovate Colter Park, with the bulk of that investment going toward apartment upgrades. The remainder will be used to renovate the clubhouse and gym, while adding a new dog park, fresh landscaping, fresh exterior paint and upgrading the barbecue and entertaining areas.
Average monthly rents at the property are around $880, and will increase to an average of $1,000 once renovations are completed, he said.
That would be the 1 bedroom prices, BTW. And the deal did close. I was just about to apply at this complex. I won't be now. THIS is why apartment rents are skyrocketing. And this one was not a run down property. Not even close.
Zev Hendeles, principal of Phoenix-based 3rd Ave Investments, was expected to close on a $53 million multifamily deal on Friday, bringing his total acquisitions so far this year to 672 units.
His latest deal is to acquire the 384-unit Colter Park Apartments, 909 W. Colter St. He's buying the apartments from Montreal-based Sheiner Group. It was financed through Brandon Harrington at JLL.
He said he plans to invest another $3 million to renovate Colter Park, with the bulk of that investment going toward apartment upgrades. The remainder will be used to renovate the clubhouse and gym, while adding a new dog park, fresh landscaping, fresh exterior paint and upgrading the barbecue and entertaining areas.
Average monthly rents at the property are around $880, and will increase to an average of $1,000 once renovations are completed, he said.
That would be the 1 bedroom prices, BTW. And the deal did close. I was just about to apply at this complex. I won't be now. THIS is why apartment rents are skyrocketing. And this one was not a run down property. Not even close.
I looked at and passed on that place back in 2013, 1 bedrooms there were $550/month then. A lot of reviews complained about bedbugs and roaches
So glad I bought a house last year. Wish I had bought two!
Quote:
Originally Posted by CAHLUV
Being a desirable city comes with pros and cons. Seems many will have to play the game of moving to a more undesirable city if a job/career permits.
Quote:
Originally Posted by Maroon197
What’s funny about this is that phx has historically been that undesirable city people moved to to escape high COL. There’s nothing particularly special about this place; no major bodies of water, no important cultural institutions, no major historical sites, no vibrant bustling city center. It’s just a bland superheated sprawl of suburbs that is skyrocketing in cost because people from the Midwest heard it’s sunny and can’t be bothered to do enough research to figure out there are plenty of other, less extreme options to move to.
I disagree with the above comments. Arizona has spectacular scenery and surrounded by mountains, canyons, and other great areas for outdoor activities such as hiking, mountain biking, rock climbing, canyoneering, kayaking, and many other activities for the outdoor enthusiast to enjoy. For example, I see the Facebook posts of some of my Arizona acquaintances on their canyoneering adventures, and I am envious because I am unable to participate in that activity from where I am currently living.
The Grand Canyon is three or four hours away. One can't find places like that in the Midwest. The suburbs are not "bland" as I find much variety in the suburbs. While there may be few exceptionally "old" neighborhoods, I prefer the relative modernity of the greater Phoenix area compared to old, declining cities with many derelict and abandoned properties.
Also, there are many excellent cultural and historical sites. There are 24 National Park Service units in Arizona, which include Grand Canyon National Park and many others.
I knew the rents when I moved here. They were reasonable. Not low, but reasonable. However, in the 2 years I've been here, my rent has gone up more than 20%. That's a HUGE hit. It's citywide, so moving to another part of town to find a cheaper rent really isn't an option. I know, I've been looking. I've been renting for all of my adult life, in multiple states and major metro areas, and I've never had a 20% rent increase in less than 24 months.
Rents are escalating faster than for-sale housing because of supply & demand, AND because of property resales. PHX has been, and still is, one of the top markets for multi-family investors. Every damn time a property sells, the rent is jacked up due to the new owner having a higher debt to retire. Not all investors are keeping the properties as rentals, either. A good bit of smaller properties in the desirable areas (midtown, arcadia etc) are being flipped to condos. That depletes the supply for renters. Then we have the huge amount of formerly long-term rentals that have been switched to short-term vacation lodging. That further depletes the supply.
Renters cannot control any of this.
And no - "buying a house" is not an option for many of us.
Those of you who own your homes are totally clueless about the rental market here and the effect it has on renters.
Thank you for your post. There are millions of us here who cannot buy a house.
Don't worry, moaning on the Internet is sure to fix everything! If only I would fall into line and weep and wail with you, we could start to make some real progress!
If the oven is too hot, you can get out of the kitchen or stand there complaining. Your choice.
Holy **** dude let someone else post. Go take a bath.
Zev Hendeles, principal of Phoenix-based 3rd Ave Investments, was expected to close on a $53 million multifamily deal on Friday, bringing his total acquisitions so far this year to 672 units.
His latest deal is to acquire the 384-unit Colter Park Apartments, 909 W. Colter St. He's buying the apartments from Montreal-based Sheiner Group. It was financed through Brandon Harrington at JLL.
He said he plans to invest another $3 million to renovate Colter Park, with the bulk of that investment going toward apartment upgrades. The remainder will be used to renovate the clubhouse and gym, while adding a new dog park, fresh landscaping, fresh exterior paint and upgrading the barbecue and entertaining areas.
Average monthly rents at the property are around $880, and will increase to an average of $1,000 once renovations are completed, he said.
That would be the 1 bedroom prices, BTW. And the deal did close. I was just about to apply at this complex. I won't be now. THIS is why apartment rents are skyrocketing. And this one was not a run down property. Not even close.
I almost moved into this complex two years ago. I liked it because it was close to the light rail, had good floor plans, and wasn’t overwhelmingly expensive. Sad that it’s changing.
Not everything has to be “luxury”. This is the problem. Similar to pharmaceuticals. Companies are taking an inelastic NEED for people and treating it as a WANT and pricing it as such. Shelter and medicine are some of most important out of many things that need regulations because without these things people cannot live. Or cannot live very well. It’s different than going without a $1000 iPhone, or a car when public transportation is available.
What California (as someone mentioned previously) is doing for rental regulations is a start, but doesn’t go far enough. The idea is to make housing less of an investment and more of something everyone can have and need. Guess what y’all.... if it’s affordable it’s not a good investment. Property cannot be both affordable and a good investment financially.
I looked at and passed on that place back in 2013, 1 bedrooms there were $550/month then. A lot of reviews complained about bedbugs and roaches
When I looked at it December 2017, it had been renovated in the not so far past and was quite nice. Location was outstanding. Prices were reasonable. The only reason I ended up in NW Mesa instead was the Mesa complex was a bit closer to my office.
All the properties I looked at in Central Phoenix that month have since been sold, "renovated" and prices jacked up. A few have (or are now being) been flipped to condos. I quoted renovated because often the renovation is nothing more than paint and resurfacing counter tops. In the case of my current complex, it's the 3rd counter top resurfacing.
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