— Tucson’s rental market is expected to see significant changes in the coming months as new apartments are approved and new owners join the market, said Bob McAlpine, a real estate broker with Lendlease.
“There’s going to be a lot of growth, but not enough growth,” McAlpines told CNN.
“Rental growth is expected in the range of 4% to 6% per year.
The rental market in this city is still relatively young and I expect that to continue.”
The new owners of apartment complexes are expected to take advantage of the new rental rules in early December and start building, McAlpason said.
For apartments in the Tempe area, rent increases will be at least $1,000, he said.
The city of Tempe approved a 1.5% increase to its median rent this past May.
In July, a 10% increase was approved in the same area.
Tecoma, Nevada, approved a 2.5 percent rent increase last year, and in August, the state approved a 5.75% increase, according to the state housing department.
The Las Vegas market is also expected to experience a strong rental market, with rents in the metro expected to go up by about $2,500 in the first half of the year, according, the Las Vegas Review Journal.
Some developers are already on board with the rent hikes, McAleer said.
That’s a good sign.””
The rent in Tempe is going to go way up, so it’s good to see that.
That’s a good sign.”
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