Updated Oct 7, 2011 - 12:01 pm
Rent going up across U.S., Phoenix included
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Print | Originally published: Oct 6, 2011 - 9:20 pm
Across the country, landlords are turning up the heat on tenants -- so to speak.
The only city that didn't see a spike was Las Vegas.
A report from Reis Incorporated, a real estate research company, showed that after concessions, the average rent paid was just over $1000 in the third quarter of the year. That's over a 2 percent increase. In a more extreme case, rental rates in San Jose, Calif. went up well over 5 percent.
Closer to home, nearly every Valley city reported an increase in rental rates, some charging as much as 1.3 percent more. Local industry experts said the increase is going unnoticed, for the most part, because of the added incentives or concessions.
"People are offering free weeks, free months, lower deposits which would decrease the amount paid monthly," said Rob Brundrick with Metropolitan Property Management in Phoenix.
Other industry experts said hiking the rent could force first-time homebuyers into the market, but even with a slight boost it would take the housing market several years to recover.
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