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Scottsdale tenant hit with $826 rent increase

Moloi received notice that the lease on his two-bedroom loft is up in the middle of July and if he wants to renew, it’ll cost him $3,203 for a 13-month lease.
Published: May. 20, 2022 at 5:28 PM MST
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SCOTTSDALE, AZ (3TV/CBS 5) — Zazu Moloi loves where he lives, in a nice Scottsdale apartment complex with a great view. “It’s just nice to be in Old Town,” said Moloi, “to be close to all my friends, most of my family, enjoying the great weather.”

The professional photographer would like to stay at the Griffin Apartments, off Scottsdale and Osborn roads, but he’s now looking for a new place to live because his rent is going up. Moloi just received notice that the lease on his two-bedroom loft is up in the middle of July and if he wants to renew, it’ll cost him $3,203 for a 13-month lease. That’s $826 more than he’s paying now. “It seems extremely greedy,” said Moloi. “It seems nothing but greed. The only reason I can see for them to be trying to increase rents by over 20% and 34% in my case is to try to get current tenants to be priced out of their places.”

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At least two other tenants are facing similar increases, but sky-high rent hikes are not limited to this apartment complex. Arizona’s Family has been flooded with emails from viewers across the Valley over the past few months, all dealing with drastic increases in rent.

David Leibowitz is a spokesman with Arizona Multi-Housing Association. He said this is all about supply and demand, with the lack of affordable housing in the Valley driving up the price of every rental unit. The cost of doing business is also a factor. “Inflation is hitting everybody,” said Leibowitz. “Payroll is up. Property taxes are up. Insurance costs are up, the cost of gas is up, so businesses that are struggling often have no choice but to pass along the costs on to their consumers. It’s a very unfortunate reality.” Moloi said he’d understand if rent was going up by $200 or $300, but $800 seems wrong.

HighMark Residential is the management company for the Griffin Apartments. They released this statement: “Nationwide, the housing industry has seen increases similar to commodities, groceries, and gas. Our pricing is commensurate with similar product types within the specific markets in which we operate.”

“I just don’t see where people are able to come up with that extra cash,” said Moloi. “I can’t imagine the person that has a family, and now they don’t have any options.” Rental experts suggest avoiding a month-to-month lease and for tenants to sign as long a lease as possible to lock in a rate.