Knowledge is power — especially when you are looking to find a home. As rents are on a the rise in the Phoenix Metro market and around Arizona, people looking to rent new homes or apartments need to educate themselves about the submarkets and what to expect when it comes to rental prices.
Look at market reports. There are a number of quarterly and monthly market recaps that are available to the public, and smart renters will spend some time reviewing what units are renting for in their desired area. Most reports will give high and low rents in a particular submarket, and this can help when you are deciding between different communities and different unit sizes.
Check out other submarkets. Some neighboring communities may have all of the amenities or the school district you are looking for, for a better price in a neighboring community.
Research rent fluctuations. Track how much rents have increased (or decreased) over the past few quarters. This information could help you decide on the right length of time for a lease. For example, if the area you want to live in is increasing in price more than 5-7 percent annually, you might consider signing a longer lease to lock in your rental price.
Look for specials or discounts. Some new communities will offer specials or discounts on new units early in their leasing.