Rents Increased In Metro Phoenix Area Over The Past Year
Rents have continued to increase across metro Phoenix over the past year. The biggest was a 15% jump in one-bedroom prices in Surprise.
Arizona State University real estate professor Mark Stapp says the solution is to build.
“Unfortunately, there’s only one way out of this and it’s to build your way out of it, but you can’t build fast enough because of how long it takes to add new units," Stapp said.
He also said officials can help by making it easier to build new units, and that would require housing policy change at the state and local level.
Stapp expects rents will continue to rise in many areas of the Valley as demand continues to increase, and he joined The Show to talk about it.