Phoenix area rent prices may be leveling off, real estate expert says

One expert says since more homes are now listed for sale, renters have more options, which is leading to more apartment vacancies.
Published: Aug. 25, 2022 at 6:51 PM MST
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PHOENIX (3TV/CBS 5) -- Elysia Kehoe and Chris Olivera are like many renters, having a tough time finding an affordable place to live. “We’ve been looking about a month,” said Kehoe. “Prices are just going up constantly, and not by a little, they are going up $100 every other week.” But there may be some rental relief in sight.

Eric Atencio with Valley King Properties said the slowdown in the Phoenix area housing market is directly impacting rentals. More homes are now listed for sale, meaning renters have more options, leading to more apartment vacancies, said Atencio.

“Last week, I got contacted by another owner of another 400-unit property,” said Atencio. “They had 40 apartments ready to be rented, so we’re definitely being contacted by landlords that need their vacancies filled. We are seeing that more than we have in the last three years.”

More apartments available appear to be stabilizing what landlords are asking for rent, and it couldn’t have come at a better time. According to Rent.com, rent prices are up 31.4% in Phoenix over the past year. They’re up 18% in Chandler and 13.8 % in Mesa.

Renter Christopher Garcia says hard-working Arizonans shouldn’t have to struggle so much just to have a decent place to live. “There are a lot of people out there that cant afford these prices, it’s ridiculous,” said Garcia. “They do need to come down, 100-percent they do.”