Rising rents cause millennials to purchase
Millennials purchasing homes in the Phoenix metro area has greatly increased the last few months but not because they are looking to purchase. Catherine Reagor for The Republic on azcentral.com reports that due to rising rents in the area, purchasing has become the obvious choice as mortgage payments are less than monthly rental payments. During the past year, average monthly lease rates rose 10 percent according to the Arizona Regional Multiple Listing Service’s April report. Rents are rising faster in some neighborhoods than others, particularly Central Phoenix, and Downtown Scottsdale and Tempe. This trend has also intrigued apartment developers to develop more luxury complexes around the valley. Continue reading the full article on azcentral.com by clicking the link below.
Author: Catherine Reagor
Published: 5/14/16 on The Republic for azcentral.com