Apartment rates keep rising. According to the Phoenix Business Journal (11-11-15) rents in South Scottsdale have increase to an average of $1,119 per month, up 13.5 percent from a year ago, that puts the South Scottsdale area among the most expensive rental sub-markets in the metro along with downtown Phoenix and Tempe, at $1,290 and $1,149 per month, respectively. This is on top of increases last year in Metro Phoenix, in 2014 the average rental increase was 5.6%, which was greater than the rate of inflation (AZ Republic, 2-25-15). In fact the median rental price in 2014 was $1225 (all rentals)! That is less than a house payment in many cases!
Bloomberg Business in March 2015 ran the headline “Rising Rents are Finally Forcing Millennial’s to Buy Houses”. The Greater Phoenix apartment vacancy rate keeps decreasing even though thousands of new apartments are being built each year, it has decreased from 13% in 2009 to 6.5% in 2014, and is expected to hit 6%.
In today’s market why should you pay the landlords mortgage when you can live in the same area and pay less in a mortgage payment than you are currently paying in rent? We can show you homes in your area for less than you are paying in rent and with our lenders we can get you the most favorable financing that will fit your current financial situation. Down payment assistance is also available; call us to find out more about Grant Monies and other Neighborhood assistance programs.