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?