RENTAL MARKET IN METRO PHOENIX GAINS STRENGTH IN TROUBLED TIMES

August 1, 2010 at 8:38 am Leave a comment

By: Maria Hass
Chandler.azcentral.com reported on July 31, 2010 that rental vacancies have gone down in South East Valley. This is not surprising as more homeowners who leave their homes due to short sales and foreclosures turn to renting apartments or single family homes. As the surge of distressed homeowners continue, demand for rental living spaces will increase and rental values may improve. In four to five years, more renters than homeowners will emerge. Many of whom will not be able to buy a home due to a foreclosure or short sales. Others prefer to rent while watching the market hit bottom. What this means for displaced homeowners is, to plan ahead on arranging their future home to be certain that you have a place to stay at values you can afford prior to being forced out of their homes.

April-June Vacancy Rates in 2010 Compared to the same Period in 2009

Ahwatukee Foothills 6.2% from 9 %
North Tempe – 10% from 13.1%
South Tempe – 7.1% from 9.2%
North Mesa – 13.4% from 13.5%
South Mesa -11.3% from 14.3%
East Mesa/Apache Junction 5.9% from 10.1%
Gilbert/Supersiton Springs 7.1% from 7.2%
South Gilbert/Queen Creek 7.2% from 11.1%
Chandler 8.7% from 10.6%

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate. Tags: , , , , , , , , , , .

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