Real Estate

Phoenix area rents may be flat, according to real estate experts

Phoenix (3TV/CBS 5) — Elysia Kehoe and Chris Olivera, like many renters, struggle to find affordable housing. “We’ve been looking for about a month,” she says Kehoe. “Prices are constantly going up,” she said, “not by little, but by $100 every other week.”

Valley King Properties’ Eric Atencio said the slowdown in the housing market in the Phoenix area is having a direct impact on rental prices. With more homes for sale now, renters have more choice, leading to more apartment vacancies, Atencio said.

“We got a call last week from another owner of another 400-unit property,” says Atencio. “They had 40 apartments ready for rent, so we are definitely getting calls from landlords who need to fill vacancies. “

With more available apartments seeming to stabilize what landlords are asking for rent, there’s never been a better time., Phoenix rents are up 31.4% over the past year. Chandler is up 18% and Mesa is up 13.8%.

Rentor Christopher Garcia says hard-working Arizonans shouldn’t have to struggle so hard to get a decent place to live. said Garcia. “They need to get off. 100% they do.”

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