Reports of 15% fall in rents may not apply to your area

My friend Philip Rosenberg of ValleyWide Property Services, who specializes in property management and Arizona investment properties, sent me a link to this article on lower Phoenix rents in the Arizona Republic.

Philip’s email added;

I’ve checked rent rates in two zip codes, one in Ahwatukee and one in Chandler. Ahwatukee went from $0.71 a square foot down to $0.70 a square foot in single family homes, and 85248 (Ocotillo section of Chandler) did the same. What I did find in these two zips was that large apartment complexes dropped about 8-9% over the past year, not 15%.

Maybe in more densely populated areas closer to downtown or out lying areas there was a 15% drop, but again, all real estate is local.

Anyone know about rent trends in other areas?

September 20, 2009 by Realtor John Wake

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John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

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