In recent months, there has been on-going news coverage about the increases in rents across Arizona, and especially in the Phoenix area. As more apartments are being built and the rental market continues to stay strong, will the price of rent be out of reach?
According to Smart Asset, a national financial website that aggregates financial data on home buying, taxes, retirement and more, Phoenix ranks as one of the most affordable large city rental markets in the nation. Assuming a 28 percent rent-to-income ratio, which is considered affordable for most adults, a renter should only need to earn about $49,000 to rent a two-bedroom apartment in Phoenix, compared to more than $62,000 in Atlanta and Dallas and more in larger cities.
Arizona continues to attract new companies. Many of these employers need younger talent and an affordable housing market can be a major factor in locating a company. It’s certainly a factor for those workers looking to re-locate here and we want to be attracting talented workers to our job market to fill these new positions. Along with a number of other housing and transportation related factors, we are creating the right kind of ecosystem to attract more high-potential employment and the knowledge workers to fill those positions.
Many of the older communities around Phoenix and in suburbs offer safe, quality housing, perhaps without all of the amenities we are seeing in the new developments, but for those searching for a place early in their career, Phoenix can be a competitive market place with a quality mix of affordable housing.
The Arizona Multifamily Association and many city and state leaders remain focused on encouraging this mix of housing to keep Phoenix high on the list of places where people can work, live, raise a family and build a business.