Its a “Renters” Market

Valley apartment operators are struggling to fill their apartments, AZCentral.com is reporting.

Those interviewed in the article site the economy and competition from the foreclosure-homes that have been bought by investors and turned into rentals as big reasons for their troubles. Apartments are having to entice new tenants with offers of two or three months free rent while at the same time average monthly rents are declining. “Average rents were $752 in the third quarter, down from $770 a year earlier, according to Pete TeKampe, Marcus and Millichap vice president of investments.”

I also heard recently that there is a growing supply of single family detached homes for rent across the valley. I’ll have to do some digging to find some statistics on this but if anyone has more information feel free to chime in.