Tucson doesn't have a lot of high paying jobs - according to a study released by Cronkite News - especially for individuals between the ages of 25 to 44 years old. I have been watching the trend for higher end, luxury apartments being built - especially in downtown Tucson - but as a property manager when I see people struggling to pay $800 a month - I wonder how, and who, can afford to pay $2000 for an apartment.
Until there are more high paying jobs - people are not going to be able to afford higher rental prices. Here are the "numbers" the Cronkite report noted:
Tucson ranks 5th for the largest decrease in income in 2015 - about a 3.5 percent drop.
In 2015, Tucson rents increased an average of 11 percent.
Aside from the obvious problems with higher rent and lower income, the dream of home ownership also decreases because renters have a difficult time saving money needed for down payments to buy.
On the upside, Tucson's rental prices on average are low compared to other cities - currently the average monthly rent is right around $640 for a single apartment unit. Our rental price increases are also still lower compared to other cities where rents have increased from 26 to as high as 50% this year.
For a current market analysis on your rental home - visit www.kgcpropertiesllc.com or give us a call!
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .