“Metro Phoenix’s record apartment buying spree drives up rents and evictions. Here’s why”
– Catherine Reagor, Arizona Republic
- “The Valley’s average rent hit $1,691 at the end of last year, compared with $1,250 at the end of 2020″
- ”Hedge funds and other real estate investors, many from out of state, paid almost $27.3 billion for 517 Valley apartments during the pandemic years 2021-22…”
- “… many of the big investors who bought apartments during the past few years need to squeeze a lot of profit out of their pricey purchases. That not only means higher rents but also less money spent maintaining the complexes…”
- “Metro Phoenix rents spiked more than 35% during the investor buying spree. Last month, eviction filings climbed to rival the record from 2005.”
“Surge in Maricopa County evictions continues, with no sign of slowing”
– Jerod MacDonald-Evoy, Arizona Mirror
Click on the graphs to go to the full-size, interactive version.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.