In this "interesting" market here in the Phoenix area rental bargains abound. How about a high end upgraded, $850,000, 3,000 sq ft, in a gated community for $1,995 per month?
Too steep? Well - it is on a mountainside lot!
How about a $650,000, 3,200 sq ft home, again in a gated community for a mere $1,600 per month!
I could go on - but I risk making some homeowners cry.
Sound too good to be true? I toured eighteen (18) of them today.
Is it time to rent - rather than own?
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In my market place that price range would not get you anything special. It sure sounds that there are lots of great rental deals in your area, good news for those consumer who only want to rent.
Tony,
Apparently it is if you live in Phoenix. Wow, would our renters love to have those rates in Del Norte County. We have a rental shortage and rents that are much higher than that.
Fran
We call them sell lords in Ann Arbor, yes there is great rental deals in Ann Arbor, but nothing like you have !!
Right now, it can be cheaper to rent than to buy because we've had such steep appreciation over the past few years. Rents are starting to go up though and within a year or two everything should be on fairly equal footing again.
Jennifer - The owners of the properties mentioned above both recently reduced the asking rent by 20% - and the properties are still on the market!
Fran - Sounds like there isn't an over supply of housing there.
Missy - "Sell Lords" - I love it!
Christina - Sounds like a compelling case for a long lease if one is going to rent.
Tony, it does. That's precisely why the property management company that we have allows only 12 month leases at current rents. We are protecting our owners because rents are rising. We have very few exceptions to this (we will take longer term leases at a slightly higher rent, not lower).
When the market is down, it's time to buy. Especially in PHX where the population continues to grow. I wouldn't cry too hard for these property owners.