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.