No RENTS for the Weary

Are you having trouble finding a rental property in Phoenix right now? Well, you are not alone. Our rental inventory is a fraction of what it was a few years ago. Just to out things in perspective, in 2008,there were roughly 10,000 properties listed for rent in Metro Phoenix. Right now, there are less than 2200 homes or rent, listed on the MLS. And I mean in all of Metro Phoenix, meaning Phoenix and its suburbs.   That figure does not include vacation homes, but good luck there where rents are significantly higher than market rents, due to the furnished and short term nature of these leases. And keep in mind that there were a lot less people living here in 2008 than there are now.

Can't find a home to rent?

Can’t find a home to rent?

You might find some additional properties on Craigslist or Zillow, or by driving around, desperately looking for For Rent signs posted in the front yards of potential rentals.  Some might even resort to calling homes for sale, and begging the seller to rent instead. Yup. It’s tough out there.

So guess what’s going to happen? Rents are going to go up. It’s a simple matter of supply and demand.  You will be paying more rent, that is, if you are lucky enough to find a home to rent!

Do you ever think about ending this rental madness?  You should. These days, with lower interest rates, low down payment mortgage options and down payment assistance programs, you can get into a home with a cash equivalent of your security deposit, and a monthly payment that is equal to – or even less than – your monthly rent, including all the taxes and insurance. Plus you get a tax write off!

Jacana - Rent v BuyThink you can’t buy? Do you have a million excuses why you must remain a lifetime renter? Well, check this out:

See this house —->

You can rent it right now for about $1325 per month.

Screenshot 2016-03-20 08.13.36Or you could buy this $185,000 home with an FHA loan, 3,5% down at 5% interest (which is a little higher than the average mortgage rate right now) for $1254 per month.

 

If you qualify for one of several down payment assistance programs available right now, you could make this purchase with as little as $1000 in your pocket. I am serious!!

Check out these great homes you could be buying by trading in your rent payment for a mortgage payment:

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1350 S Greenfield Road 2187 Mesa 85206, Tesoro AT Greenfield Condominium

$225,000
Bedrooms: 2
Baths: 2
Sqft: 1,088
MLS: #6061506
Broker: My Home Group Real Estate
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1020 W Malibu Drive Tempe 85282, Southern Village Estates Unit 2

$205,000
Bedrooms: 3
Baths: 2
Sqft: 1,092
MLS: #6061918
Broker: DPR Realty LLC
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4846 E Calypso Avenue Mesa 85206, Sunland Village 2

$189,000
Bedrooms: 2
Baths: 1
Sqft: 1,058
MLS: #6062724
Broker: Farnsworth Realty & Management Company
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9233 E Neville Avenue 1017 Mesa 85209, Park Central AT Augusta Ranch Condominium 2ND Amd

$210,000
Bedrooms: 3
Baths: 2
Sqft: 1,057
MLS: #6062219
Broker: Keller Williams Northeast Realty
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207 S 91st Way Mesa 85208, Cherokee Mobile Estates

$219,900
Bedrooms: 4
Baths: 2
Sqft: 1,621
MLS: #6062226
Broker: HomeSmart
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5309 E Baltimore Street Mesa 85205, Dreamland Villa 4

$214,000
Bedrooms: 2
Baths: 2
Sqft: 1,225
MLS: #6061863
Broker: eXp Realty
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9714 E Boston Street Mesa 85207, Lost Dutchman Villas

$215,000
Bedrooms: 2
Baths: 2
Sqft: 917
MLS: #6054421
Broker: eXp Realty
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5518 E Lindstrom Lane 1011 Mesa 85215, Apache Wells (Village at)

$133,500
Bedrooms: 2
Baths: 1.5
Sqft: 947
MLS: #6060981
Broker: Apache Gold Realty, LLC
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57 N Hunt Drive E Mesa 85203, Randall Hts

$199,700
Bedrooms: 3
Baths: 1
Sqft: 918
MLS: #6037273
Broker: My Home Group Real Estate
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952 W Emelita Circle Mesa 85210, Candice Estates Amd Lot 1-66

$188,000
Bedrooms: 2
Baths: 2
Sqft: 775
MLS: #6030818
Broker: West USA Realty
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552 E Royal Palms Drive Mesa 85203, Mesa Patios

$210,950
Bedrooms: 3
Baths: 2
Sqft: 1,020
MLS: #6062195
Broker: EMG Real Estate
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1004 E Denim Trail San Tan Valley 85143, Johnson Ranch Unit 4A

$209,900
Bedrooms: 3
Baths: 2
Sqft: 1,441
MLS: #6059305
Broker: Offerpad
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1340 N Recker Road 204 Mesa 85205, Arriva Condominium Homes

$125,000
Bedrooms: 1
Baths: 1
Sqft: 743
MLS: #6057433
Broker: HomeSmart Lifestyles
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125 S 56th Street 123 Mesa 85206, Pueblo Seco Condominium

$205,000
Bedrooms: 3
Baths: 2.5
Sqft: 1,255
MLS: #6062198
Broker: Keller Williams Realty Phoenix
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842 E Lamonte Street San Tan Valley 85140, Cambria Parcel 3

$224,000
Bedrooms: 3
Baths: 2.5
Sqft: 1,659
MLS: #6058240
Broker: Venture REI, LLC
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ARMLS Listing Data last updated 4/7/2020 1:07 AM MST.