Click the play button on the video window to the right to see the storyPHOENIX -- Apartments across the Valley are offering big bargains hoping to fill a record high number of empty apartments.
According to a report in the
Arizona Multihousing Association newsletter, Valley apartment vacancies climbed to a record high 15.3 percent in the first quarter of 2009.
The report found the western Maricopa County and West Central Phoenix had the highest vacancy rate. Ahwatukee, North Scottsdale, and Fountain Hills had the lowest.
The vacancy rates seem to coincide with rent rates. West Central Phoenix had the lowest average rent rate at $586. North Scottsdale/Fountain Hills had the highest average rate at $943.
The study also pointed out that 85 percent of apartment communities offered some type of discount in the first quarter of 2009. That’s the highest percentage since 2004.
