Hard to believe, but we have seen this first hand.
The Phoenix Metro area is seeing a turnaround in that rents are firming and in some instances even increasing.
A renter just moved out of one of our rental homes. We placed a ‘For Rent' sign in the front yard, and within a few days had 8 people come by to look. That is faster than normal.
A similar thread emerged from the conversations. They had come home from work to see an auction notice on the front door, or a foreclosure notice, or met the new home owners who were going to raise the rent immediately. Wow, you never know who is going to knock on your door when you are renting.
One lady had to be out in 10 days and was panicked. Another man had 30 days to pack up and leave.
The result is that many homes in subdivisions are vacant on the market and listed with an agent. Or, the owner has moved, and the bank is slow to respond on what they want to do next. You can tell by the weeds.
So, in the meantime, rents are firming up and that is a benefit to the homeowners and landlords. One lady asked me if I was current in my payments to the bank. Another said they were leasing from a ‘friend', and he had stopped paying his mortgage and kept the rent money for months. Some friend!
If you are renting, talk to your landlord or call a real estate agent to check the status of a home. You may be next.
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Bryan Watkins sells real estate in Phoenix, Mesa, Gilbert, Chandler and Tempe Arizona. You can SEARCH the official MLS for FREE just the same as an agent at www.LRARealEstate.com today.
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