The cost of rent continues to rise across the metropolitan Phoenix area, with landlords reportedly raising prices by 20% to 30% and leaving tenants worried about the future.
area, with landlords reportedly raising prices by 20% to 30% and leaving tenants worried about the future."I talk to people all the time, how the heck they’re going to pay for it," Bertoni said. That "it" means rent. He knows it, too.
Bertoni says he’s lucky his landlord has kept his $1,700 a month Phoenix home pretty steady, but was warned the home he shares with his elderly parents and young son will go up soon. "An average rent on a house this size in this area is anywhere from $2,000 to $3,000 a month," Bertoni said."The problem is the rents continue to go up," Brooks said. "They’re far outpacing salaries and what they’re making right now.""With people’s rent going up so high, they can’t save enough money for a down payment and closing costs on the new house," Brooks explained.
According to a Phoenix study, the city is short more than 150,000 housing units. That shortage helps drive the increase in rent."It’s going to make it tough, especially with the price of everything else going up," Bertoni said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Is there a Fritos shortage?Google searches for “Frito shortage” have spiked in recent weeks across Texas and surrounding states.
Read more »
War, climate change and spiking oil prices, just in time for CERAWeek“There’s never been a CERAWeek with more happening in the world at a greater pace of...
Read more »
Calls for Russia oil imports ban pits lawmakers against White HouseThere is growing momentum in Congress to cut off U.S. imports of oil and petroleum products from Russia in response to the invasion of Ukraine.
Read more »
Ukrainian Orthodox Church in Phoenix helps to raise donations for loved ones amid Russian invasionThe latest effort by the Ukrainian Orthodox Church Saint Mary's Protectress in Phoenix is taking donations to send overseas to the war-torn country amid Russia's violent invasion.
Read more »
Gold Price Forecast: XAU/USD to lurch higher towards summer 2020 highs of $2,075 – TDSRussia-Ukraine conflict-driven commodity price spikes and the resulting higher inflation expectations have prompted money managers to extend their net
Read more »
Afghans resettling in US struggle to find affordable housingThe search for housing for Afghans comes amid a tightening housing market as the U.S. crawls out of the pandemic.
Read more »