Residential Rental Property Shortage & High Demand in Maricopa County, Metropolitan Phoenix, Scottsdale, Paradise Valley and Fountain Hills, Arizona Ranch Realty: Rental Property Home Shortage in Maricopa County, Scottsdale, Arizona

Why metro Phoenix renters are spending hundreds of dollars just to find an apartment

Rebekah L. Sanders

Arizona Republic

Metro Phoenix's housing shortage is forcing tenants in some cases to pay hundreds of dollars in application fees just to find a place to rent, not including move-in costs such as a security deposit.

With apartment vacancies at a nearly 50-year low, some renters are applying to property after property before finding their next home.

Valley's rental shortage at highest point in decades

Even though Valley apartment construction is at a near-record pace, it's not nearly enough to keep up with demand. Phoenix is the fastest-growing big city in the country, according to the U.S. Census.

As a result, metro Phoenix apartment vacancies are at about 3%, the lowest rate since the 1970s, according to Phoenix real-estate brokerage Colliers.

In response, the area's average rent climbed 15% in the past year, almost four times the U.S. average, the company reported.

Single-family rental homes and condos are in short supply as well.

Valley home rents jumped 16.5% for the 12 months that ended in June, the highest increase in the nation, according to CoreLogic. It's the biggest leap in Phoenix-area rent prices recorded by the data firm in at least two decades.

An exodus of landlords has exacerbated the rental crunch, according to LeVinus.

The combination of tenants failing to make payments during the COVID-19 pandemic, landlords unable to evict them because of government moratoriums and an attractive market for selling homes has led to a sell-off nationally.

"When mom and pop property owners and rental communities don't get paid rent for 18 months, that is bound to reduce the number of available rental homes," LeVinus said.

About one-quarter of single-family home landlords around the country said they had been forced to sell one or all of their properties during the pandemic and close to one third said they planned to tighten standards when evaluating future renters, according to an online National Rental Home Council survey of about 1,000 property owners.

"There is less rental housing in the United States today than there was five years ago," the council said. "In 2020 alone, the amount of rental housing decreased by over 275,000 units."

Valley homeowners also have worsened the rental shortage by opposing new projects.

"Many cities and towns have begun to oppose plans for new rental homes, or create extremely difficult approval processes that hurt the supply side of the market," LeVinus said. "When cities and neighbors scream 'not in my backyard' or give in to 'NIMBY' protests, that makes rental homes harder to find."

It hurts the local economy and makes it harder for small businesses to stay afloat, she said.

"All in all, it's a perfect storm in the marketplace for rental housing, which hurts renters and property owners alike," LeVinus said.

Even 'good' renters have difficulty............

Source: https://www.azcentral.com/story/money/business/consumers/2021/09/14/why-metro-phoenix-renters-spending-hundreds-find-apartment/5759664001/

***************************************

With multiple tenants applying for the same property, landlords are choosing the “cream of the crop”. Prospective tenants will be competing with people who are just as determined to be accepted. Those offering to pay more than the asking price, and with better than average credit ratings stand a much better chance at securing a rental. Having children and/or pets can also become a factor, as many landlords make decisions based on pets and the total number of occupants.

With this rental property shortage, and the high demand for rentals, you need a Ranch Realty agent now more than ever!

Ranch Realty leases and manages residential rental properties in and around Scottsdale, Arizona. We have furnished and unfurnished rentals available on short or longer-term lease agreements, in the Maricopa County cities of Scottsdale, Phoenix, Fountain Hills, Paradise Valley, Tempe, Mesa and many others. We have single family homes, condos and town houses for rent valley-wide.

Ranch Realty’s sales and leasing agents serve the very desirable Maricopa County zip codes of 85250, 85251, 85253, 85254, 85255, 85257, 85258, 85259, 85260, 85262, 85266, 85253, 85018 and many others!

Contact a friendly, experienced Ranch Realty sales and leasing agent today!

Ranch Realty, Since 1974
Sales, Leasing & Property Management
480-991-4000
info@ranchrealty.com

 Photo: McCormick Ranch in Scottsdale, Arizona
Ranch Realty
Ranch Realty
(480) 991-4000, Ext: 11
7353 E. Via Paseo Del Sur #470 Scottsdale AZ 85258
no name available Ranch Realty