Valley rental market stays hot

TEMPE, Ariz. — The Valley’s rental market remains hot and there doesn’t appear to be a slowdown in sight.

The Valley’s foreclosure situation has improved greatly in the past few months but we’re not all the way back.

“People that leave those homes have to live somewhere so they turn to rentals,” said Chris Heagerty with Arizona Regional Multiple Listing Service. “They can’t qualify for loans and we have had unprecedented foreclosures in the Valley.”

Heagerty said this is a good time for renters and landlords alike.

“Good times for landlords because the properties rent quickly so they don’t have a vacancy and the mortgage is covered,” she said.

And the competition for rentals is fierce.

“People are putting in rental applications and then having up to ten other applications to compete with,” said Heagerty.

The rental market is strong across the Valley but especially in Chandler, Glendale, Gilbert, Phoenix, Tempe and Scottsdale, Heagerty said.

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