The rental market is going to be blowing up for several years to come. Complications due to the Coronavirus and COVID-19 slowed down new home construction for a number of years. This has led to a housing shortage that is driving up the cost of homes across the United States.
Coronavirus has also totally scrambled the real estate market in other ways, as well. People began moving in droves when the lockdowns started in earnest. Others will be looking to make the leap now that restrictions are lifting.
Rental properties in Phoenix are particularly attractive for a wide number of reasons. It's currently rated as the ninth-best city to move to in the United States.
Here are some things to know about rental properties in Phoenix.
Renting vs Buying
Financial advisors love to advocate for buying property. After all, for many of us who aren't in the 10% of earners in the United States, owning a home is your main way to grow wealth. Real estate tends to be a solid investment, too.
A recent study reports that it's actually advantageous to rent in Phoenix rather than buy a home. Three bedroom rental properties in Phoenix are more affordable than a mortgage on a median price home.
Not All Zips Are Created Equal
Phoenix is a diverse city. You can find people from all walks of life and properties at all price points. This means that there are certain areas that have been especially vibrant in recent years.
Many of the fastest-growing rental markets throughout Arizona are actually located outside of Phoenix. The Northwest suburb of Peoria's been blowing up in the last year. Real estate prices nearly doubled in the span of just 12 months.
If you're looking for a hot, up-and-coming neighborhood in Phoenix proper, the neighborhood around Phoenix's Sky Harbor International Airport just keeps getting fancier and more in-demand.
Demand Is HIGH For Houses
As we mentioned at the beginning, there's been a shortage of homes for sale due to COVID-19. This is playing havoc with the real estate market all over the country. This is likely to continue for a number of years to come.
Prospective home buyers have been put on a waitlist with as many as 50 people before them. This is creating distortions and bubbles in the housing market, as is often the case when there's a shortage of available real estate.
This means this isn't a great time to get a great deal on a house. People looking to buy a home have been putting bids down that are tens of thousands of dollars above the asking price. It's going to be a little while until the housing market returns to Earth.
In the meantime, it's the perfect time to investigate rental properties in Phoenix. It's a fabulous place to live. You won't be sorry when you decide to relocate!
Looking For Rental Properties In Phoenix?
Finding the right property for your particular needs sets you up for success in every single aspect of your life. If you're thinking of relocating or upgrading to Phoenix and are looking for rental properties in Phoenix, contact us today and let us know how we can help you find your dream home.
No matter what type of real estate you're looking for, we can help!