Analyst: Rents in Phoenix will probably drop even morePosted: Updated:
PHOENIX -- If you want to rent a place in the Valley, you could be in luck. Experts say prices could be going down in the next few months.
Valley rents dropping - Rent prices have already dropped, and they could be going down even more.
More and more commercial real-estate investors are buying struggling apartment communities, often at deflated prices.
Those cash investors, who do not have loans to repay, are then lowering rents to attract new tenants.
Average rents have already dropped about 15 percent or more in the past year. One local analyst believes those prices could go down another 15 percent.
Without loans to repay, cash investors aren't tied to a bottom line for their rent prices. With those cuts, though, owners who do carry mortgages are put in the position of having to lower their rents to stay competitive.
In addition to lower rents, many landlords are also offering a variety of concessions and incentives, including flat-panel TVs and video-game systems.