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.

Indonesia Berita Terbaru, Indonesia Berita utama

Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.

Arizona sportsbooks aligned with Native American tribes struggle in competitive industry - Phoenix Business JournalArizona’s sports betting legislation is unique compared to other states because it requires the owners of the gaming license to be either a Native American tribe or a professional sports team or league. The law allows for 20 total licenses — 10 to sports teams and 10 to tribes. Attorneys representing the tribes say this policy has left tribes behind.
Sumber: phxbizjournal - 🏆 254. / 63 Baca lebih lajut »

New master-planned residential community with 2,600 units proposed south of Phoenix - Phoenix Business JournalAs more companies make plans to build in Pinal County, more housing is needed to support the growth of workers and people moving to the region. Here are the details on a new project being proposed in the small city of Eloy.
Sumber: phxbizjournal - 🏆 254. / 63 Baca lebih lajut »

ACE Awards: Phoenix-based RPG Brands had 'perfect storm' for growth - Phoenix Business JournalRPG Brands, which encompasses Modern Flames electric fireplaces, Grand Canyon Gas Logs, and Wildfire Outdoor Living, saw revenue double from 2020 to 2021 and won the Rookie of the Year honors at the 2022 ACE Awards. Here's how the company's president set RPG Brands up for success.
Sumber: phxbizjournal - 🏆 254. / 63 Baca lebih lajut »