Tucson named top town for rentersPosted: Updated:
TUCSON, Ariz. -- Forbes Magazine ranks Tucson as the top town for renters. But it's not good news for everyone.
Now is the time to rent in Tucson because unsold vacant homes have flooded the market. It means more choices for renters.
"It's good for tenants," said Marcy Kline from Tucson Realty & Trust Co.
But the folks at Tucson Realty & Trust say its not that great for landlords. They're being forced to rent their property for a lot cheaper than usual.
The average monthly rent in the Old Pueblo is just $604. And prices on small homes keep dropping, so landlords have few choices.
"So they either let the house sit vacant and take a huge loss, let it foreclose or rent it out," said Kline.
They're renting it out, and it's a better option than going upside down on their mortgage.
"The landlords are the ones who are coming down in rent having to make more concessions having to lower criteria and even security deposits just to get tenants in there,"
And tenants are scooping up the deals. They're just too good to pass up. It's good news for a large rental community at the university of Arizona and great news for cash strapped Tucsonans.
"I think renting is the best option because people don't have funds to maintain a house anymore," said Kline.
Experts say you can find a good rental deal anywhere really, it's all about putting time and effort into your search.
Portland Oregon ranked as the worst city in America for renters.