Comments on: Residential Multifamily Market Trends in Greater Phoenix http://arizonaapartmentinvestor.com/2008/07/04/residential-multifamily-market-trends-in-greater-phoenix/ Greater Phoenix Multifamily Income Investment Sales, Properties & News Tue, 29 Dec 2009 01:47:38 -0700 http://realty-buzz.com/?v=2.8.6 hourly 1 By: Artur Ciesielski http://arizonaapartmentinvestor.com/2008/07/04/residential-multifamily-market-trends-in-greater-phoenix/#comment-227 Artur Ciesielski Wed, 01 Oct 2008 14:59:20 +0000 http://ciesielski.realty-buzz.com/2008/07/04/residential-multifamily-market-trends-in-greater-phoenix/#comment-227 Patrycja, In general rental rates have decreased over the last 12 months to varying degree depending on the sub market in Greater Phoenix. The decrease is due, not to less demand but due to an increase in inventory. The increased inventory is a result of less access to financing in the buy market. Simply put, the people who cannot sell their homes are renting them and this has driven rental prices down enough to even compete with some apartment rental segments. In addition the apartment rental market has been influenced by the employers sanction law which went into effect January 1st 2008. It dictates that employers cannot knowingly hire illegal immigrants. The result is that many of these workers left the state and left apartments - especially the C class - vacant. Patrycja,

In general rental rates have decreased over the last 12 months to varying degree depending on the sub market in Greater Phoenix. The decrease is due, not to less demand but due to an increase in inventory.

The increased inventory is a result of less access to financing in the buy market. Simply put, the people who cannot sell their homes are renting them and this has driven rental prices down enough to even compete with some apartment rental segments.

In addition the apartment rental market has been influenced by the employers sanction law which went into effect January 1st 2008. It dictates that employers cannot knowingly hire illegal immigrants. The result is that many of these workers left the state and left apartments – especially the C class – vacant.

]]> By: Patrycja Pajak http://arizonaapartmentinvestor.com/2008/07/04/residential-multifamily-market-trends-in-greater-phoenix/#comment-225 Patrycja Pajak Wed, 01 Oct 2008 09:32:56 +0000 http://ciesielski.realty-buzz.com/2008/07/04/residential-multifamily-market-trends-in-greater-phoenix/#comment-225 Dear Sir/ Madam, I would be very grateful if you could let me know if RENTAL prices in PHOENIX increased, decreased or remained stable over the past 12 months? Has anything in particular happened to affect rental prices? Many thanks in advance for your invaluable help with this. Kind regards, Patrycja Pajak Mercer Human Resource Consulting Al. Jerozolimskie 92 00-807 Warsaw, Poland Email: patrycja.pajak@mercer.com Dear Sir/ Madam,
I would be very grateful if you could let me know if RENTAL prices in PHOENIX increased, decreased or remained stable over the past 12 months? Has anything in particular happened to affect rental prices?

Many thanks in advance for your invaluable help with this.

Kind regards,
Patrycja Pajak
Mercer Human Resource Consulting
Al. Jerozolimskie 92
00-807 Warsaw, Poland
Email: patrycja.pajak@mercer.com

]]>