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24 Jul 2023 · 1 min

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0:57

Steve D Valentine on the Phoenix rental market: rents have gone flat and won't drop much. Quality rentals stay full while reasonable landlords hold steady rates. New apartment construction keeps pressure on, but it's nothing like the foreclosure crisis when investor purchases flooded the market.

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With the current economy the way it is right now, we're to purchase now. If everything the economy does go, we go into complete recession. What have you seen in the past with rental rates decreasing in value?
They have. So right now they've gone flat. They probably will not decrease much. And it's kind of the same with real estate. The nicer rentals will stay rented. The reasonable landlord will keep the rents stable. Right. They're not going to try to jack up rents and kick people out. The time that we had, the worst rental market was due to the foreclosure crisis and the amount of investors that purchased. Right. You would see 10 Fannie Mae properties go on the market on one block and 10 investors would buy those properties. And now you have 10 properties up for rent. So the lowest one wins. We still in the Phoenix market, we still have a supply and demand issue. You're going to have some competition with a lot of these new apartments being built and those types of things, but so far we've just seen everything be pretty stable.