Rental prices are on the rise in Arizona

Home rental prices are on the increase in Arizona. Is it a simple supply and demand problem, or is there something else going on. We spoke with Courtney Levinus from the Arizona Multihousing Association about how property owners and landlords see the issue.

We asked Levinus why rental prices are increasing so much.

Levinus explained that we are seeing a supply and demand issue, not only now, but even before COVID began.

“We’re seeing record in migration in residents from other states,” Levinus said. “We’re seeing younger generations waiting to buy homes and form families.”

Not only are we seeing this with the younger generations, but Levinus explained that even the baby boomers are moving out of their homes and back into rental apartments. She said that we have also been under-developing for the last several years.

Renters that are paying, are subsidizing the renters who can’t pay their rent.

“The government basically turned private housing into public housing overnight without compensation,” Levinus said.

We asked Levinus what kind of housing we need to develop.

“We need to build workforce housing, avoidable housing, and not just the high-end housing, which is a lot of what’s being built right now,” Levinus said.

We then asked what kind of relief we can expect.

There are several different ways that people can qualify for assistance, but the process they are currently using requires those who are interested in it to jump through hoops to get the assistance they need.

“In Arizona, a very conservative estimate is that about $500 million is owed in back rent,” Levinus said. “We have to get these funds deployed.”

Not only is this happening here in Arizona, but also across the sunbelt states that are seeing a huge influx of residents.