Tough rental housing marketPosted: Updated:
PHOENIX – Arizona's housing market continues to struggle with foreclosures and low home values, but those issue may be the very reason our rental market is booming.
Andrew Provencio and his family are realizing they might need some help looking for a rental home. "No, I didn't expect that I was going to need some help," said Provencio. "Especially in a town of 4 million people, you figure you’d find a place to live."
What Andrew is finding out is that he needs to move fast.
"By the time you call them to ask about it, it’s already been taken."
Gorenter.com is a company that helps renters find a home. "We find that the good rental homes are going quickly in good areas," commented Gorenter.com's Vice President Greg Dawson.
The average rental home in the Valley is a three-bedroom, two-bath home with a two-car garage, which rents for about $1,100 a month.
Dawson said you might be able to negotiate landscape work, paint and carpet but probably not the rental price.
"The price isn't very negotiable any longer. In fact, the prices, the push for the prices is going up, not down.”
Right now, Provencio isn't concerned about the price. He said his first step is to find a good home for his family that’s still on the market when he calls. "It seemed there would be an influx that it would be a renters market but it’s definitely the other way around."
Greg Dawson recommends to start looking for a rental home about 30 days before you need to move. This way, if you find one you can start the paperwork.
He also recommends having first month's rent and a deposit handy so you can act fast when a home that you like comes up.