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.