Rent or Buy Your Home…Which is Better?

Rent or buy? Gosh, isn't that the $64 Million Dollar question? And as many things go in real estate, the answer depends on your circumstances. Let's start with the current state of rentals here in Phoenix. In the ARMLS rental database the overall average lease rate for active listings is $1,820 per month and the average sq. ft. is 1,932. For apartments, the average rent is $1,568 with an average sq. ft. of 1,102 giving us an average rent of $1.42 per sq. ft. A year ago the rate was $1.22 per sq. ft., so the rise in asking price is 16.6% in just 12 months. The number of active apartment rental listings has declined 10% from 643 to … [Read more...]