Rental market cooling down in Phoenix, but rent affordability still an issue for some people

While there's been a cooling down of sorts recently, real estate experts say the average Arizona worker must devote 61 hours of their paycheck every month to afford rent, and that is driving some to move elsewhere. FOX 10's Lindsey Ragas reports.The rental market is cooling down, but it hasn't dropped enough to make much of a dent on affordability.

"The rent growth has cooled down really substantially in the Phoenix area. It was running incredibly hot as late as mid to late 2021, but the pendulum has really swung the other direction in 2022," said Tucker. "[A] typical renter in the Phoenix area would need to really devote their first 61 hours of work in the month just to cover the rent."

"Now that renters have done that, that kind of put the brakes on rent growth," said Tucker. "Unfortunately, it's not enough to send rent plunging back to the level they were before the Pandemic.""They are getting way too expensive," said Ken Haynes of Phoenix.

And it's just gonna get worse with Hobbs and Kelley 🤷‍♂️ New Illinois and New California, Arizona is no longer Arizona

Gonna get even worse if Racist Hobbs becomes governor. She'll turn Arizona into Commiefornia East.

Rents are crazy high... so Glad I own my home. I do not know how people afford it.

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