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Rent around the Valley: How to find affordable housing amid soaring prices

Posted at 6:23 PM, Jul 12, 2019
and last updated 2019-07-12 21:23:39-04

PHOENIX — If you've been apartment hunting around the Valley, you know that rent isn't cheap.

Phoenix is fourth in the country when it comes to the fastest-growing rent costs, according to Apartment List. If you go back to 2014, rent has jumped 21.5 percent in Phoenix to today.

Farrell Hogenauer with Home Smart here in the Valley says on average across Maricopa County rent has jumped 8 to 10 percent in one year.

"There are so many people moving to the Valley, and there isn't enough space to rent," said Hogenauer. "We don't have enough houses to rent, and so when we don't have enough of these things, landlords and apartment communities can adjust their rent accordingly."

If you thought moving to the outskirts of the Valley would save you a ton of cash, it's not necessarily true. Hogenauer says rent in the San Tan Valley area for a two-bedroom house is about $1,400 a month. That's on par with the average price in Scottsdale.

Hogenauer says if you're trying to find a deal, you'll need to be flexible and expand your search. She also says for first time home buyer incentives, consider buying. She often says a mortgage is cheaper than average rent.