Rent prices may be cooling down as more properties become available around Phoenix | Arizona News

PHOENIX (3TV/CBS 5) — Finding a decent, affordable place to live in the Phoenix metro has been extremely difficult, with rent prices sky-high. Oftentimes, when a property is available, it’s gone in a matter of hours. But some real estate experts say that’s starting to change.

Payam Raouf, with Arizona Property Management and Investments, has seen a significant increase in the number of rentals now on the market, forcing landlords to re-evaluate what they’re asking for rent.

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“In some cases, I see owners that had asked for $2,000 for something that should be $1,700,” said Raouf. “Now they are realizing that they’re over-priced and dropping it a little bit, and willing to work with people, as well.”

Among the reasons for the rental market calming down, according to Raouf:

  • More property owners not selling their properties – opting to rent instead.
  • People moving in with friends and family.
  • Tenants realizing it’s cheaper to renew their current lease than pay to move
  • More people taking advantage of eviction assistance programs.

Jennifer Sikorski, with Central Arizona Shelter Services, works with a lot of clients working full-time but just can’t afford the cost of moving into a new place.

“Sometimes it’s not that they can’t afford the monthly rent,” said Sikorski. ” Sometimes it’s they can’t afford the move-in costs because that’s more than a family has in savings. That’s where CASS move-in assistance comes in.”

Many landlords currently require three times the rent as a deposit to move in, which prices a lot of renters out right from the start.

The price of rent across the Phoenix metro area has shot up so much, its nearly impossible to find an affordable place to live.

Single mom Nina Simmons had nowhere to go a few months ago when she lost her job and couldn’t afford to stay in her apartment. Simmons applied for assistance with CASS, got the help she needed, and now has a new place to live.

“My rent is paid for one year,” said Simmons. “That means I can go back to school with my part-time job and get back to saving money. They have done something for me nobody has done for in my life. I’m a very successful story from CASS.”

rental relief

For more details on the CASS Rapid Rehousing Program, call 602-256-6945. Glendale residents call 623-207-8902.

Copyright 2021 KPHO/KTVK (KPHO Broadcasting Corporation). All rights reserved.

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