PHOENIX (3TV/CBS 5) -- When it comes to population, Phoenix might be the fifth-largest city in the nation, but one local real estate expert is saying that the apartment supply is just not meeting the apartment demand.
Eric Atencio works at Valley King Properties and has worked in real estate since 2000.
"We're in a 10-year building shortage for multi-family and single-family residences," said Atencio. He also blames an increase in the minimum wage, the COVID eviction moratorium, and the flock of people moving to Phoenix from all across the country, bringing their high-paying work-from-home jobs with them.
"You can bring your zoom meetings to your home in Arizona. So- that's why the cost of living is moving at an unprecedented pace," Atencio added.
It's not just Phoenix, either. But, people across the valley are dealing with the same issue. One East Valley mom who lost her job due to the pandemic says she's stressed to the max.
"It has become... I don't have the words; maybe you can find them excruciating looking for work. At the same time, with three college degrees," said Debbie Giannecchini.
Giannecchini says her complex used to charge just under $1,000 a month for her 1-bedroom. Yesterday, she found out her rent is going up by $300 along with new utility charges and fees.
"I have been here for five years... not one single chandelier or light bulb has been changed... the carpet is the same," Giannecchini told Arizona's Family. "It's supply and demand... the bottom line is we need more supply of housing."
When it comes to the future, Eric says; unfortunately, he doesn't see this problem ending anytime soon. For more information on housing assistance from the City of Phoenix, click here. To read the full Zillow report, click here.