Average rents shot up almost 30% in the Phoenix area last year, more than double the U.S. increase. But 2022 is turning out to be worse.
Kathleen Black is facing a 50% rent increase on the older three-bedroom central Scottsdale apartment she shares with her four kids and father.
Some renters must downsize and share bedrooms with children or their parents. Others are considering moving away from metro Phoenix to somewhere more affordable.Early projections are for rents to climb almost another 20% in 2022. She works full time for Tuft & Needle. She likes her job but knows she can’t get a pay raise to cover her rent hike.
Valley renters are competing with 20 others for vacant apartments now, and the typical rental is only empty for 25 days, according to RentCafe. Arizona retirees on fixed income typically bring in about $16,000 a year, and that means they can afford $415 a month in rent, according to the state housing agency.
The median rent for a one-bedroom apartment in metro Phoenix hit $1,221 in February, according to national researcher ApartmentList. The typical rent on a two-bedroom is about $1,500.Elliott Pollack’s new housing studyTeachers and construction workers making around $50,000 a year, can only afford to rent one-bedroom apartments in Phoenix and Glendale.
“I am a single mom with a good job who is about to lose her home,” said the orthodontic treatment coordinator, who makes $29 an hour. “I am watching my friends and loved ones here about to lose their homes, too.” “I asked my landlord if they were raising their employees’ wages by $600 a month to afford their rents,” Smith said. “I didn’t get an answer.”
A lot of people working remotely during the pandemic and making salaries based on living costs in those cities see the apartment rents in the Valley as deals, apartment analysts say. Another 13,000 apartments are expected to be built this year, said Thomas Brophy, research director at Colliers.include not-in-my-backyard-ism, zoning issues and political backlash. These hurdles shut the door on at least 30 apartment projects across metro Phoenix during the past year.Metro Phoenix’s rent hikes and growing NIMBYism fights over developments has some housing advocates talking about rent controls.
In Arizona, state statutes and the Private Property Rights Protection Act are legal barriers to rent control.Smith, who is facing an almost 55% rent hike on her Gilbert apartment, wrote to Arizona’s U.S. Rep. Andy Biggs, R-Ariz., asking what can be done to keep rents affordable.
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