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Renters And Buyers Looking For Affordable Housing In Phoenix Area Go West
Whether buying or renting a home in 2019, economists are warning of a nationwide slowdown in the housing market.
In the metro Phoenix region, renters looking for affordable housing are finding it in the suburbs, according to the national rental app RentCafe.com.
The study, based on rent population increases, shows Surprise, Avondale and Peoria experienced a 33 percent jump or more in the number of people renting properties in the last five years.
Rental rates followed with increases ranging from 36 to 44 percent.
While that's a steep climb for renters, a separate and ongoing study by Local Market Monitor shows homeowners are benefiting.
But, that could change if housing rates continue to trend upward and job growth stagnates due to a slower economy eroding the demand for housing.