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Tucson Rents Vs. Income - One Is Up The Other Is Down.

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!

Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com .

                                                 

 

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 .

 

Comment balloon 2 commentsGabrielle Kamahele Rhind • June 22 2015 04:08AM

Comments

Good morning, Gabrielle Kamahele Rhind wow...that average rent is impossible to find here....a small two bedroom apartment is $1,650/month....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 2 years ago

Those are very interesting numbers and I wasn't aware of the Tucson disparity Gabrielle Kamahele Rhind. College towns are often higher priced for rentals... 

Posted by Paul S. Henderson, CRS, REALTOR®,, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Professionals.) over 2 years ago

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