Plan ahead if you’re considering renting in metro Phoenix
Apartment communities are full and waitlists are the norm. If you’re planning on renting anytime soon in metro Phoenix, plan ahead to ensure you can secure a spot when you need one.
Apartment occupancy in the Valley is some of the highest it has ever been. Apartments are filling up faster than ever across the nation with an average occupancy of 96.9%. Phoenix surpassed national averages when the city reached 97.3% occupancy last July, according to a report from RealPage.
Maricopa County witnessed its population mushroom by 86,820 residents last year, faster than any other county in the U.S. People are moving to Phoenix because of high-wage job opportunities in the growing industries of technology and manufacturing. With a rapidly growing population, rent prices are also higher.
Finding a rental unit is challenging with a growing population that is seeking a place to live. Over the past year, the Valley has witnessed a surge of in migration from pricier cities such as Seattle, San Francisco and Chicago, to name of a few. Paying rent in the Valley that is half of what it was in those cities is very appealing.
Before completing an application for an apartment home, you might want to ask how long the waitlist is. If there is a long list of applicants, you should save the application fee and look elsewhere to increase your chances.
Call apartment community managers ahead of time before you decide to tour an apartment. Ask what their availability and rates are, and if they foresee any units opening up in the near future. If they are full or almost full, check out another apartment community.
Before you start looking, think of a flexible time range you would want to move in. Also, think of a rental budget so you can communicate to apartment managers what you are looking for.
Studies have shown the best time to rent an apartment is now through early spring, with December being the best month to sign a lease. Winter months are when renter competition is at its lowest. June is the priciest month to start renting.
The good news is, Phoenix is building nearly 16,000 units this year, a 76% increase from last year’s 9,000 units.
Most of these new communities have waitlists started while still under construction. If you call the apartment community, they can let you know what date they are planning on opening and what their rates are. But act fast because these newer communities are filling up quickly.
Frequently check apartment community websites to see if they have any availability that matches your timeline. If you see a spot opening in the next few months, call as soon as you can to better your chances. The search for your next apartment might be a little more difficult than in the past, but if you think ahead and plan ahead, you are bound to find your perfect home. Remember, it’s matter of supply and demand.