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.
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!
See this house —->
You can rent it right now for about $1325 per month.
Or 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: