PEORIA, AZ (3TV / CBS 5) – All Brandon Case wants is a place for his family. The Peoria dad has been looking for a decent rental apartment for months, but every time a potential property comes up he’s ahead of the game “It’s tough because I feel like I’m not making enough money to support my family” said Case. “If it isn’t.” MLS data shows the average price for a single family home rose to $ 450,000 in July, compared to $ 350,000 a year ago. The rental market in Phoenix metropolitan areas has hit a breaking point in the number of people looking for a house or apartment, far exceeding the number of units available. This year there were the fewest units in 50 years. Right now, Maricopa County has an occupancy rate of 97 percent. Payam Raouf is the owner of Arizona Property Management and Investments. Raouf said when a property becomes vacant he will be inundated with applications, but only one will be offered a lease to be on the street if I don’t get help, “said Raouf.” I don’t know how to help them, honestly said. It’s not just for us, it’s the whole valley. “Real estate experts blame a number of factors for the rental crisis, including more people moving to Arizona, rising rental and home prices and a lack of affordable housing. Courtney Gilstrap LeVinus is President of the Arizona Multi-Housing Association. LeVinus said labor shortages, slow building materials supply chains, and a difficult zoning process are all contributing to delays in affordable housing Market, at least for 2022, “said LeVinus.” But if 200 people a day move into Maricopa County, we just can’t meet the demand. “There are still millions of dollars in federal aid to offset rising rental costs. Tenants can also hire a broker or rental agency to find the few rental properties on the market, e.g. u find. These services are often free of charge for tenants. For details, visit maricopa.gov/5691/Emergency-Rental-Assistance. Zillow ranks Phoenix # 1 nationwide for increased rental rates in July Copyright 2021 KPHO / KTVK (KPHO Broadcasting Corporation). All rights reserved.
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