Why Does it Cost so Much to Rent in this City?

Hailey's Comment
For-Rent-Sign_1472581827726.jpg

Why oh why does it cost so much to rent in this city?

Editor’s note: I am not a real estate expert as if I have to tell you that. Read on, you’ll see…

For a month now I’ve been helping my mom look at rentals as she prepared to relocate to the valley. She’s been living in Tucson for the past three years and was just granted a transfer back. hooray!

But OMG I couldn’t believe the prices people are asking for rentals.
The 1 bedroom condos my mom has been looking at cost between $1250-$1550.
I repeat.. 1 bedroom condo.
1 bath.
Yes, she is looking in Arcadia, but … c’mon!

Phoenix now has the 4th highest annual rent growth in the United States, according to Axiometrics.

Look, as a homeowner, I should be happy about this. If we needed to rent our place out we’d pay the bills. But instead, it just makes me nostalgic for a time just 5 years ago when I moved back to Phoenix. Our housing market hadn’t started its recovery yet, and the price of homes and rentals was still on the cheap.

When I moved back in 2011 I stretched my budget to afford a 2 bedroom townhome with a charming patio in the Pointe Squaw Peak property in Phoenix. It was older, with no updates, but it was clean with plenty of space for me and my 2 dogs. And Bonus! it had a mountain across the street for hiking and the canal was nearby for my runs. I was really proud to afford my own place. I paid $950 per month. I just ran a search on Trulia, today the only thing comparable in that area now is around $1500.

As a young single woman starting out on her own I would not be able to have that same experience if I were looking today. So if the rent is too damn high (to quote my favorite internet meme) we might as well move to New York to San Francisco. Isn’t affordability one of the factors that draw people from around the country (*and Canada) to the valley?

I’m so curious… What’s your experience with renting in the valley? Are you feeling priced out of a neighborhood you wish you could live in or maybe worried your landlord will up the rent when your lease comes up?

I want to hear from you. Send me your thoughts on Phoenix’s inflating rental market at hfrances@yourphx.com.
 

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