Rents in Metro Phoenix will be much higher in the coming months as supply continues to dwindle.  Multifamily sales have been brisk this year and this will continue.  This is true not only for large complexes that are being turned into condominiums but small apartments like fourplexes, triplexes and 5+ units. According to Real Facts average rents for apartments in metropolitan Phoenix are $805 in the first quarter, compared to $771 last year, but it's still below what renters pay elsewhere in the country.  Some of the reasons stated by the article that are contributing to rising rents in phoenix metro are:

• Lack of new product.
• Job and Population Growth in Phoenix Metro.
• Occupancy is high.
• The softening retail and resale home market is pushing more to rent.

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