Rising Prices
In Arizona the average rental price has climbed 15% or more in some situations. Some Arizona
cities report more of a rental increase than others. Gilbert has seen rent skyrocket 24%
between March 2020 to September 2021. In some instances, people are reporting
rental bidding wars for properties in desirable areas. The U.S. Labor Department has
reported that consumer prices rose 5.4% for the year, and inflation is at its highest level in more
than a decade. Supply-chain slowdowns from the COVID-19 pandemic are driving consumer
prices even higher on everything from food to clothing to gas.
The Phoenix Rental Market
In Phoenix, Arizona, single-family rent has increased 19% in one year — from July 2020 to
2021. That’s the fastest of more than 100 metro areas and at more than double the national
rate. With production slowdowns due to COVID-19, there were many apartments and homes
that were delayed in the build process. Aside from construction delays due to unavailable
materials, there is also a worker shortage. All of this leads to an explosive rental market that will
not be slowing down yet. As new apartment buildings and homes finish, the rental market may
level out and normalize again.
The Time to Rent is Now
If you have been debating about renting your second home or downsizing and renting your
current home, the time is now. The current market in Arizona is extremely hot and investors are
making profits easily. When you can consistently rent your house out for more than your
mortgage payment plus other expenses, you will grow a profit over time. Creating a way to earn
passive income helps build wealth for you and your family that will last lifetimes. To avoid the
stress and frustration of becoming a landlord, reach out to Alter Property Management. Our
expert team will take care of your