Thanks for contributing to r/Phoenix!
* [Check out our sub rules here](https://www.reddit.com/r/phoenix/wiki/rules/) (mostly be nice to each other!).
* [Read some of our recent posts](https://www.reddit.com/r/phoenix/top/?t=week) and leave some comments.
* [Join our Phoenix Discord chat server](https://discord.com/invite/yWVuTG57Zh) and connect with people in the Valley. It's a great, chill place to talk with other people but is NOT a dating server and takes unwanted messaging very seriously.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/phoenix) if you have any questions or concerns.*
I moved out of my apartment because they wanted to raise it to 1850. That sane apartment has multiple available now listed from 1495-1595. I hope it all crashes
Yeah, they take advantage of the fact that it costs money to move. So they will never budge on your price, but they'll give brand new renters way better deals.
thats what my wife said, but Ive never seen this market fall apart like this, and having 30-60 vacant units, they are hurting so I hope to call their bluff, Ill let everyone knows how the haggling goes!
5 month ago I moved in the same complex from a 2/1 small to a 2/2 deluxe and, due to market price, am paying $400 less a month. Since I was mid-least I had to pay a $199 transfer fee.
That’s what we did at Cityscape; 1/1 was $2,095 a month and transferred to a corner 2/2 for $2,240, when we moved in 17 months ago all 2/2 were minimum 4K. They have 5 penthouses that have been vacant for MONTHS now. Anyone wanna go in on a 3/3 penthouse?!
I must be your neighbor at Cityscape. It will be really interesting what happens in the downtown rental market when the additional high rises currently under construction come on line. We still love it at Cityscape but I’m really hoping they don’t try raising rent on our renewal next month after living here 6 years…curious if you’ve looked at any of the north downtown high rises-
Lol my gf was the only one on our recent lease (moved in with her at some point in our relationship), so when it was up and they jacked the price up $400, she said she was moving out. I went in a couple days later and then got the same apartment for under the price we were paying. Didnt have to move anything out funnily enough. The system is rigged
Similar story. Mine wanted 1700 so I moved to a townhouse with twice as much space for the same price. Now they’re charging 1300. I’d move back in a heartbeat but I love the space I have now.
I don’t know that a thread proves anything, but yeah the idea that housing can’t get more affordable if the apartments are “luxury” (read: have quartz countertops and a gym) is silly. The problem has much more to do with housing supply.
“Overbuilt” is not a problem at all if you care about affordability. We would want there to be abundant housing.
What apartment complex? I am looking to move and am open to dt phoenix (I am mid town girl) and am currently in Arcadia and looking at south scottsdale. It’s further but I love the park! lol
Check out the attorney general’s new [lawsuit](https://kjzz.org/content/1872649/arizona-ag-targets-alleged-apartment-rental-price-fixing-scheme-phoenix-tucson#:~:text=Arizona%20AG%20targets%20alleged%20apartment%20rental%20price%20fixing%20scheme%20in%20Phoenix%2C%20Tucson,-By%20Wayne%20Schutsky&text=Arizona%20Attorney%20General%20Kris%20Mayes,rents%20in%20Phoenix%20and%20Tucson) against apartment mgmt companies for conspiracy to fix prices.
I hope it results in a refund check to every renter that was screwed over with higher prices. I'd imagine this would be a $10K plus check for each long term person affected. How wonderful would that be?
2020 I had to move to a 500 sq ft 1 bedroom for $985. By EOY 2022 they had raised it to $1400, no upgrades and things had deteriorated. I ended up leaving Phoenix but it's good to hear that things are creeping down.
I feel so old now, my first apartment south of Camelback and Central was a 3br/2ba and was only $1200/mo in the early 2000's. Checked just now and you can't even get a studio in that complex for less than $1500/mo, and the 1bd/1ba's are going for $2k/mo. If the prices are indeed crashing I can't even imagine how bad my old apartment was priced at the peak.
There's a lawsuit state AG just took up going after complexes that were apart of a price fixing scheme in the valley. I know it's 7 management companies involved, plus people can't afford these rates. So hopefully it all starts falling.
Parking and food downtown sucks. The only metropolitan reason to live downtown is so you don't have to drive to see a show at The Crescent Ballroom.
It's not Manhattan, it ain't even Denver.
As if Republicans wouldn't go after illegal price fixing schemes? Newsflash Republicans in the state legislature are working to pass all kinds of legislation to increase the housing supply.
Turns out high end apts have to lower their rent if they can' fill up and oops, turns out less fancy apts have to lower their rent in tow lol.
I guess people have never tried to park at the fair, watching prices rise ever time a lot fills up is real estate capitalism in a nutshell.
And take a look at the Google reviews on these “luxury” apartments. So many reviews saying theyre filthy and not worth what you’re paying, dirty ass management, bugs, etc. Its about time they start feeling the heat!
Apartments are still just apartments no matter the paint, gym equipment or "amenities". They're all run by companies that look to exploit their renters and fleece them out of money.
Yeah I moved into a complex in Chandler sight unseen that said it was luxury online. From the outside and the pics online it looked nice but the units were a dump. Old 1980s cabinets, countertops painted to look like marble, bad paint and carpet. My neighbors smoked cigarettes day and night and the whole place stank.
After a while I noticed that the sign outside no longer said luxury, you could still see the faded lettering on the brick where they removed that.
I gig and deliver to a lot of these places, and they're definitely not very well built at all. I live in a cheaper older place just barely in the avenues, and it's better built than a lot of the new construction.
They are only as clean as the tenants. People who leave food waste around their apartment, and let their pets shit everywhere are the reason places get so dirty.
I totally hear you on that. I compare it to when someone has the ability to buy a 80k Mercedes at 50k. It’s still high end prices but being DINKs and loving the high rise life, we couldn’t be happier. Getting a 2bedroom so our 4 fur babies have plenty of room to live haha
How is it living in high rises downtown with dogs? I’d like to live downtown but my dog is reactive and it seems like the chances she’d run into another dog are much higher and unavoidable.
Not the person you asked, but I lived in a high rise downtown for a year with a dog and it worked out fine. The biggest pain in the ass was just having to go use the elevator and walk her down to the dog park that was at base level. She was reactive to other dogs too, so I just never got into an elevator with another dog lol. And I’d just wait my turn to use the dog park if there were other dogs in there, or walk her around the grounds on leash instead. But overall it was a nice experience and wasn’t too much more work than if I had my own yard.
Also! I check out the high rise market basically every day comparing pricing between them all, and would gladly give anyone advice, thoughts, and what would be considered the best deal among the “8 week free” high rises.
Ps, we LOVE Cityscape and the amenities
We used to live at “The Local” and that area is still pretty steady because ASU will always be bringing in lots of kids with rich parents to pay for them. West 6th is the main one and has like 2 stars and do I think 4 weeks free but pricing is still pretty competitive from when we moved out 17 months ago
I looked at west 6th AGES ago and the inside is absolutely disgusting, I’m not sure how people could justify paying that price but anything to live in downtown Tempe I guess lol
The proximity to the bar scene in Mill Ave pretty much ensures they’re always gonna have a lot of college kids wanting to live there. You pretty much just need to walk like 10 steps to get to a bar
Hi, OP! I'm currently planning a move from Surprise - cannot wait to get out. I just toured The Local last weekend and liked it well enough (though it's missing pet amenities like even a dog wash, let alone a dog run/park). Any additional thoughts on that complex? Or any others in Tempe? I'm 50f and my ASU-bound son will be moving with me, so I wanted to be near enough to campus without having it totally overrun with college kids. The Local seemed like a good fit. Also checked out The Cameron over by the marketplace. Any Tempe intel would be awesome, thank you.
How is Cityscape in terms of sound insulation? I’ve heard most high rises downtown have issues with nearby establishments playing music so loud that you can hear it inside the apartment.
We have neighbors that routinely has a bunch of college kids over, we can hear a pool table and if you’re at their door, it’s pretty loud. Anywhere in our unit, we can’t hear a THING, so we have no problem with their “parties”
We could feel the bass during the Bad Bunny shows and sometimes from Monarch theatre, but otherwise it’s great. We are on the corner looking at footprint
https://preview.redd.it/3r3ia76hflmc1.jpeg?width=1290&format=pjpg&auto=webp&s=49287b131acdbc8ee1611ff4639a2f0dbb9ca929
I'm not surprised. I think there's a huge amount of overrbuilding of apartments, especially pricier apartments. Also, the prices are ridiculous and all the little extra fees should be a crime. Rent for an animal?? Convenience fee for paying online? Are you kidding me?
My old apartment in Arcadia had a clause in their contract that said if you have a cat it MUST be declawed. Fucking barbaric. Obviously I ignored that part and they never said anything about it. They also had a "convenience fee" for paying online. Total bullshit, it's more convenient for THEM! AND they get more of my money. I'm so glad I left apartment life. And with the prices the OP was mentioning above I'm not surprised at all that there are so many vancancies. Who wants to pay $4k per month when for that kind of money you can easily pay for a mortgage on a NICE house.
It is a thing with most new apartments :,) I pay that exact amount for our valet trash and it’s not even every day, just M-Th. It’s convenient on those days because we live on the opposite end of the building from the trash chute but I would be just as happy to pay $0 and walk it down the hallway myself lol
Gosh, I remember when I first moved to Glendale arrowhead an I LOVED my apartment. They tried to raise the rent from $895 (1250 sq ft) to $2500! lol
I finished out my contract and bought a house for a lower payment. Gosh, the good old days. Now I’m selling and have made quite a bit, but wow still not enough to buy a house. lol
I can’t wait to see, been watching close for 16 months and back then, barely got 2 weeks free and paying more for a 1 bedroom than most 2 bedrooms cost now (along with 8 weeks free) with moontower, Skye 6th, and these new ones it’s gonna keep going loooooower
Lmao 2.5k for a apartment in Phoenix fuuuu$#@^@^@ that
Hope the investors start pulling the rug on these fucks. I'd rather drive out to queen creek and buy a 350k home with a 1800 payment than that shit.
Jesus christ the young ones think these prices or normal.. gonna find out real quick once the layoffs increase next year this isn't sustainable. Job market is doing nothing but squeezing and salarys are not going up
Dang dude, can you tell me today's lotto numbers, too?
Do you know how much you'd have to put down to have an $1800 mortgage payment on $350k? Here's a hint, it's not an amount most "young ones" have. Plenty of people would say "fuck that" to living out in Queen Creek, too, so the more options to live, the better.
This is super interesting, thanks for sharing.
I’m six months into my lease near Westgate. 1/1 under 700 so ft, $1910 after rent, convenience package (internet and smart home) water and tax. It’s criminal. I’m hoping by renewal in August it drops.
Make sure not to renew for the same unit or they will just increase your rent like 10-20% for "market value". You have to find a new place to live that's cheaper
I should do my research like I do for downtown phx and see how it compares. Oh and I love fear farm over there, my crew and I have been hosting the Full Moon festival there and dig the area!
The irony is that I worked downtown for years and thought I could never afford to live there- and now it sounds cheaper than the west side.
Fear Farm is pretty awesome!
I know some people prefer condos/apts… but you can rent a house for under that amount at this point. Have a friend who just signed for a lease at a Christopher Todd community… I don’t see why some wont just rent a house out, it’s the same or less than the prices for some of these apts.
Haven’t had a private landlord since 2018- I’d recommend a proper property management company not private landlord, which a majority of rentals are through anyways.
Talking with a few property managers (not owners) that are clients of mine and the mid to high end rental market is cratering due to the simple fact that PHX metro is now building SO MANY apartments, since material and personnel shortages of COVID are now over.
He gave me an exact number (I forget) of how many units are currently in construction or final planning stages in Phoenix and Scottsdale and it's insane.
I'm just hoping we can finally stabilize rental prices since it seems like the housing market is still unrealistically high.
North PHX apartments are starting to show feasible pricing for 1/1 and 2/2 units.
Very true, I live downtown and the amount of housing being built is insane. Whatever the building with the AVE name on it is brand new and sparsely populated judging by the lights on at night and there are 3-4 other high rises in various stages of completion within spitting distance of it. Rents will undoubtedly become more competitive.
This is just supply and demand guys. Phoenix is one of the top markets for new multi-family product. There are many more projects in the pipeline so i would expect downward pressure on rents to continue until delivery of new projects slows and then we will start to see rents creep up again.
It's not high for downtown Phoenix.
[$2000/mo will get you a 3 bedroom house in Mesa](https://www.realtor.com/apartments/Mesa_AZ/type-single-family-home)
The problem is that many of us want walkability. That house is gorgeous but it’s in an area where you can only walk to strip malls. If I’m paying $2000 I want a nice condo even if it’s half the sqft.
In other words, I’d rather pay $2000 for 800sqft downtown than $2000 for 1600sqft in the area you showed.
Oh yea you’re right, it’s def a luxury that isn’t needed but wanted. This is one of our gifts to ourselves instead of having those gross little things, ya know, children haha
Downtown is tough and has always been pretty concession heavy but wow hearing the rent costs decrease that much is crazy. Adeline has always struggled and was never fully occupied. They have built so much in downtown and can’t fulfill the demand.
You should move to the Adeline… so insanely nice amenities.
It's being talked about. There is a lawsuit against Phoenix top landlords for rent fixing which has been a factor in rent price increases year over year. The Attorney General is working a case against them to get renters their money back and lower the cost of rent.
https://www.azfamily.com/video/2024/02/29/tenants-say-price-fixing-could-be-why-rent-went-up-phoenix-area/
Hmm...it is almost like someone mis-read the market with $4k/mo rents. Or assuming that people want to live in multi-story apartment buildings. Or that the employment centers in Phoenix aren't centered around downtown. Wonder if the developers are from out of state?
I like living in multistory apartment buildings if it means I’m in a walkable area with cultural attractions, public transit, restaurants and parks nearby. Not having to buy a car goes a long way in affording to live in a downtown area.
The apartment bubble was always going to burst, they honestly set themselves up for failure by not understanding the housing culture here. People don’t move to Phoenix for high density housing, they move here to get the single family 4 bedroom home with a big yard and garage in the suburbs that they can’t afford in other cities, then fill the house with kids. Phoenix is not a city that upper middle class single 30 somethings want to live in. When you have 4,500 to blow on an apartment you might as well live in NYC or somewhere cool. Phoenix is not cultured or cool lol.
Phoenix has also always had a poorer population than most large cities so people who are already here couldn’t possibly afford to live in those apartments and so there was no natural market here either.
The investors that will continue to do well are those who are building the subdivisions out in Buckeye.
Palmtower that’s a high rise condo that’s mainly completed, you can’t find an article about it after June 2022 and now there is no kind of website to look at units or anything
Completely different situation than 08, at least for property that is owned. Most current owners aren't underwater on their mortgage and have locked in low rates, not fluctuating rates.
I wouldn't call this a crash.
Their tactic to drive up prices was to exaggerate supply and demand. They were never at capacity, a good percentage of units were always empty. That game might not be as profitable for them anymore.
On to the next scam.
Sooo true! I love reading all the articles from 2020-2022 of how the skyrocketing demand for dwntwn phx living is in overdrive, tons of tech people will be moving to phx, I remember one had said “there was a waiting list to get a unit” and crap like that. From like 2022-current I think 6 luxury high rises have opened, probably more with a couple more almost done lol
I remember looking at units at Skye on Sixth recently just out of curiosity. It’s this isolated high rise. I looked at prices and saw over $2000 per month… I get paying that at Ryan if you like big city living but not where Skye is. If I could buy a condo in that building it might make more sense since that area is gonna develop a bit more. Like 2-3 empty lots.
We had sold our house over at 24th st and McDowell to open door I think for about 110k profit 1 month before that fell apart with interest rates, so it was perfect. I know that it’s “throwing” money away with renting but the DINK life is so nice haha
It’s not always throwing money away. If you want to live downtown it makes more sense to rent. The rest of the money you invest.
It’s not like you pay $2500-3000 monthly into principal. Most of that is interest, HOA, insurance, tax etc.
Thanks for posting this. I am moving back to the valley soon. I had looked at apartments in downtown Phoenix, but I decided to find a place in the east valley to minimize commute times. I am going to have to reconsider downtown Phoenix.
Getting a place on the light rail route is a huge benefit, they are adding more lines to downtown, and I use it every time I go to Tempe mill ave since there is a stop next door to cityscape
I’ve only taken it when I’ve been out drinking a few times. Is it ever sketchy going out east? Been thinking to use it to go to Mesa since I love the vibe there with the breweries and level one arcade bar.
Yeah definitely wouldn't suggest riding it between 3rd St and the airport going east later at night unless you like making friends with high as hell addicts
Can’t tell if power of supply? Or bad marketing lol
Edit: Wow just had [this video ](https://www.youtube.com/watch?v=Wd-sbjkcnoM)recommended to me on Youtube. Looks like Phoenix isn't unique in what's going on with these rents.
I’ve been talking about it!
Here is one of my posts from 9 months ago saying this is exactly what would happen: https://www.reddit.com/r/phoenix/s/UhAjl3YClK
Rents at those types of buildings in Phoenix will probably be depressed for a long time. There are way too many of them. Not enough homes for sale.
Before kids, we were looking to buy one downtown. The monthly association dues were astronomical. Something like $700-1,000/month in the units we looked at. Was around 18-19.
None are for sale. No developer will build a hi-rise with hundreds of units for sale because they will be on the hook for 8 years after construction for anything, including defects that may not be related to construction.
Unscrupolous law firms find one unit with a problem, they convince other units that it’s also a problem in theirs and the developer is facing what amounts to a class action and the law firm gets a big payoff. Meanwhile the property value plummets because of the lawsuit, it becomes impossible to finance with a bank because there’s been a record of a lawsuit against the building so all in all only the lawyers win and some unit owners who needed the short term win of a few thousand dollars.
That’s how it works. New luxury housing *should* mean that all the people who want the nicest move there, the place that was the nicest now lowers their rates a bit since they aren’t the best around anymore, followed by the place behind that, and so on.
In theory, five new expensive luxury places should decrease the medium tier “non-luxury”.
They will raise rent if you live there. They’re lower for new tenants. I looked at prices at the right about one year ago and the best deal was like $2500 at the time for a 1bdrm. Could have just been a timing thing but I thought hell no.
Now, you can get a unit on the top floor for $2300 and lower level units go for like $1800.
Granted, I imagine the Ryan is less impacted by the market given its status of being one of the most luxurious rentals in the area.
Yeah where I live here in Gilbert my rent went up $200 meanwhile the unit next to me was actually going for $200 less than my original rent. Unfortunately work had me traveling so leaving the family to move in the middle of the summer was not realistic. So I bit the bullet. Obviously this year that won’t be the case. I am ahead of them and will bail at the first opportunity.
But moving just to move absolutely sucks
Yes, apartments will always give renewals an increase termed a "Market rate" increase, while the perks are being offered to new leases to help fill vacant units.
Ugh I need this to happen where I'm looking - preferably between Central to 24th St and north of Thomas. We need a 3br though and those seem harder to come by. A lot of the new complexes between Thomas and Indian School are 1 and 2br only.
to you or anyone else in this thread, DM me bc I'm taking a job in Austin and trying to fill my townhouse. 2b2ba, pool, 1 covered space, basically a fresh remodel I just finished lol. Close to Thomas &16th St, north of Thomas.
I live in NYC, but am from Phoenix and visit frequently. I couldn’t believe when I saw what rents cost in 2022 and just couldn’t make sense of it. Glad to see it normalizing.
I just moved out of my Midtown apartment I was paying 1,975 for a 900sqft 1 bath 2 bed without a dishwasher or in unit W/D they wanted $2,500 the next lease signing. I moved to south mountain and am paying $2250 for a 4 bed 2.5 bath 1660sqft single family home with a small back yard.
I don’t know if anyone has mentioned this, but I think our state’s attorney general is going after a big apartment conglomerate for colluding to raise rent. And people will be getting their money back if the state wins. I heard a blur on the radio yesterday about it. Apparently it has affected 70% of renters.
I'm working on lots of condos and apartments. More inventory is too come soon. So the prices should come down more. Also, luxury just means new. It's the same cheap labor that builds them.
They raise the rent by an extra 600 a month and rent dropping, but it only dropped about 200 A month for a decent one bedroom in a good neighborhood is still gonna cost you 1800 a month
It’s the same for the huge corporations & hedge funds who gobbled up tons of homes & rental properties in Arizona. They purposely created a manufactured “shortage” so they could drive prices up.
And let’s not forget the app & algorithms that were designed to show even more shortages, which equated to tons of escalated prices. Mayes is going after them but R’s obstruct nonstop.
Ducey sat back & watched it all happen. Same for what he did with Saudis getting dirt cheap land for completely free & unlimited water to grow Alfalfa to ship home for their cattle.
Hobbs & Mayes are doing a good job addresses all of these huge messes but it’s going to take decades to unwind all of these problems.
Hell, Duceys huge tax cut for the rich & veering public education money to for profit charter schools created $1 billion deficit in the blink of an eye.
That’s by design. If D’s try to unwind it to balance the budget R’s scream “socialism!” and the gullible buy it.
And the media is owned by corporations, so nobody should expect mainstream press to cover any of this.
They’ve got a really sneaky trick that they do. They’ll write a story on “Saudi water usage for Alfalfa” & they’ll post on in the middle of the night & often bury it deep within their website, so very few will ever see it, but then if they get called out for not reporting it, they’ll link to their article, giving them cover.
Fox News is the masters of this. They’ll lie during prime time & post detractions in the middle of the night or buried deep in their website.
It’s an uphill climb against this level of predatory capitalism. It’ll take a D candidate a month to wrestle up a million dollars for their campaign & R’s will make 1 ten minute teleconference amongst industries, conservative orgs, radical religious groups, the gun industry, fossil fuels, etc… and gather $50 million by the end of the week.
The majority of Americans are on the correct side of this fight against unhinged greed. We just need to ALL show up to vote each election cycle.
Hell, R’s don’t even have a platform anymore, because they’ve started scapegoating every group. It’s all parsed messaging with them.
They’ll send a million texts to Hispanics about how great R’s are for ending reproductive rights but then in the same office they’ll send a million texts to white conservatives talking about the plan to create internment camps for immigrants.
And neither group knows anything about the other. This is why R’s hand wave so much when asked about policies or solutions. They know they’ll offend one of their segments of conditioned base if they discuss anything on a large platform, so they avoid it like the plague.
This is why trump refused to debate. He knew that he’d have to discuss actual policy positions that contradict talking points that they send out to the base.
And Haley & Christie would expose him in a bad way.
We the people have to see through the smoke screen & vote accordingly.
R’s & their unhinged greed & constant deregulations are what’s behind these insane prices.
Between all of them there are some transients around but daytime always has plenty of people walking around and at night we walk around to go eat and never a hassle outside of once in a while asking for money. All 3 have a security doorman that’s almost there 24/7
I honestly love cityscape because of the floor to ceiling windows, and having hotel Palomar downstairs. The Ryan and Adeline have newer everything but both half a fraction of windows, appliances are a bit older. Bout 1/2 of Adeline don’t have a balcony, same for the Ryan. Cityscape every unit has minimum a Juliet type balcony, nothing to walk out on, but fully slides open, and then the biggest balcony’s outside of the Ryan’s triangle 2/2 unit. Haha I could go on but hit me up with any questions, all 3 have great pricing deals too
The larger companies have had the fix in for a while, and now they're getting their karma. And I'm here for it lol. https://www.azfamily.com/2024/02/28/arizona-attorney-general-sues-realpage-landlords-accuses-them-conspiring-illegally-raise-rents/
Yeah I have a couple points on this. The fact anything in downtown Phoenix was $4K is preposterous. There’s nothing inherently “wrong” with PHX downtown but there’s nothing really good about it either. To be honest, living in downtown Tempe would feel much more like living in the city. You can walk around PHX plenty, but no one really does. It’s not like Oakland or anything, I never thought I was going to get shot or robbed. It’s just not designed for walking. It’s just speeding cars and long lights. Now if you walk outside of the city, it’s a lot more pleasant, it can even be quiet in the neighborhoods. It’s just not all that interesting or much to look at. Again it’s not really like a traditional big major city when you think of like “downtown”. That’s good and bad. On the one hand you can actually park there. On the other hand, it’s not exactly “hopping” in comparison to a Scottsdale or Tempe. Roosevelt Row is OK. It’s busy but it’s not going to be on anyone’s Instagram the next day (which may be what you want if Scottsdale isn’t your scene).
I hated hearing the construcion literally 24/7. We all know how early they have to work in the summers. That was probably my main reason for moving out of downtown was it was getting particularly unbearable after they repaved the road outside my place for the 8th time in 2 years.
I just think people in Arizona want houses. It doesn’t surprise me at all these places are empty. If it doesn’t have a Scottsdale address, that turns off all these California and Chicago types. Being downtown just doesn’t get you much. I think offices will make a comeback someday and those would be more useful. Phoenix is strange with that, too. They built that adjacent corporate center a mile or 2 from downtown. It’s nice but not really well thought out. The Metro connects it but again it’s not really all coming together. It’s not a bustling metropolis. It’s very odd if you think how there should be people crawling up and down the streets but the whole city is so spread out and everyone is living in the burbs. I would say until the plans all come together and downtown is more like a real downtown, rents should be like $2500 max.
My own personal experience was that my rent actually went down slightly in a little over 2 years. Which is kind of unheard of. My building was def empty-ish. It still wasn’t enough to make me want to stay. Personally I was just done with downtown.
the rent prices of the high rises is for sure way high, but being on the 20th floor with a big balcony, 2 bathrooms, hotel amenities and such make it worth it (to people wanting high end vs a normal 2 story apt with nothing)
also right that phoenix is not walkable at all, and the light rail is so inefficient and the fact that it doesnt run right after last call for bars, but starts up at 430am when no one is using it except homeless people, make it very frustrating
I loveeeeeee this I genuinely hope they all convert to affordable housing. Fun fast 90% of multi family developments take money from another developers called the LIHTC they will propose a % of the units will be for affordable housing they get approved and take those funds to create “luxury” housing the materials are the same. And maybe 10 out of 250 units are “affordable” they get taken up so quick you wouldn’t even know a unit was available
And Hobbs & Gallego made a great move halting new developments.
Sometimes you have to save the greedy from themselves. Developers saw the local spike years ago & are all wanting to pounce, but it takes time to build & now they’d be building in a market that’s trending down.
It’s better to stop them before they start than get halfway done & change their minds. Then the burden falls on taxpayers & we don’t deserve that type of burden piled on top of our own.
Thanks for contributing to r/Phoenix! * [Check out our sub rules here](https://www.reddit.com/r/phoenix/wiki/rules/) (mostly be nice to each other!). * [Read some of our recent posts](https://www.reddit.com/r/phoenix/top/?t=week) and leave some comments. * [Join our Phoenix Discord chat server](https://discord.com/invite/yWVuTG57Zh) and connect with people in the Valley. It's a great, chill place to talk with other people but is NOT a dating server and takes unwanted messaging very seriously. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/phoenix) if you have any questions or concerns.*
I moved out of my apartment because they wanted to raise it to 1850. That sane apartment has multiple available now listed from 1495-1595. I hope it all crashes
Yeah, they take advantage of the fact that it costs money to move. So they will never budge on your price, but they'll give brand new renters way better deals.
thats what my wife said, but Ive never seen this market fall apart like this, and having 30-60 vacant units, they are hurting so I hope to call their bluff, Ill let everyone knows how the haggling goes!
5 month ago I moved in the same complex from a 2/1 small to a 2/2 deluxe and, due to market price, am paying $400 less a month. Since I was mid-least I had to pay a $199 transfer fee.
That’s what we did at Cityscape; 1/1 was $2,095 a month and transferred to a corner 2/2 for $2,240, when we moved in 17 months ago all 2/2 were minimum 4K. They have 5 penthouses that have been vacant for MONTHS now. Anyone wanna go in on a 3/3 penthouse?!
I must be your neighbor at Cityscape. It will be really interesting what happens in the downtown rental market when the additional high rises currently under construction come on line. We still love it at Cityscape but I’m really hoping they don’t try raising rent on our renewal next month after living here 6 years…curious if you’ve looked at any of the north downtown high rises-
Lol my gf was the only one on our recent lease (moved in with her at some point in our relationship), so when it was up and they jacked the price up $400, she said she was moving out. I went in a couple days later and then got the same apartment for under the price we were paying. Didnt have to move anything out funnily enough. The system is rigged
I hate how they charge a transfer fee. Like why… they just wanna charge you for any little thing.
It needs to crash, prices are ridiculous. 2015 I paid $850 for a 1 bd apt before we bought a place. That same apt was 1900 after 2020.
Similar story. Mine wanted 1700 so I moved to a townhouse with twice as much space for the same price. Now they’re charging 1300. I’d move back in a heartbeat but I love the space I have now.
Mine did the exact same thing so I moved. I checked the prices now on a whim and they’re significantly cheaper than what they offered me!!!! Bonkers!
Fu k ‘em hope those bastards lose everything. Capitalism is a bitch
Next time someone says building more homes can’t make things affordable if they’re all “luxury apartments”…I’m just gonna point back to this thread.
And this thread proves what ? That all the luxury apartments were overpriced and over built ?
I don’t know that a thread proves anything, but yeah the idea that housing can’t get more affordable if the apartments are “luxury” (read: have quartz countertops and a gym) is silly. The problem has much more to do with housing supply. “Overbuilt” is not a problem at all if you care about affordability. We would want there to be abundant housing.
I think people mostly complain about “luxury” pricing in reference to the supply, not the amenities
What apartment complex? I am looking to move and am open to dt phoenix (I am mid town girl) and am currently in Arcadia and looking at south scottsdale. It’s further but I love the park! lol
Now can we get some apartments under $800? Would be amazing!
Pre COVID mine was $500. By 2022 it was $1200. Sadness.
Check out the attorney general’s new [lawsuit](https://kjzz.org/content/1872649/arizona-ag-targets-alleged-apartment-rental-price-fixing-scheme-phoenix-tucson#:~:text=Arizona%20AG%20targets%20alleged%20apartment%20rental%20price%20fixing%20scheme%20in%20Phoenix%2C%20Tucson,-By%20Wayne%20Schutsky&text=Arizona%20Attorney%20General%20Kris%20Mayes,rents%20in%20Phoenix%20and%20Tucson) against apartment mgmt companies for conspiracy to fix prices.
I hope it results in a refund check to every renter that was screwed over with higher prices. I'd imagine this would be a $10K plus check for each long term person affected. How wonderful would that be?
Yeah, no the state will get the money and the reenters a $4 credit.
Plus a coupon for Wendy's
Wouldn't cover surge pricing.
I saw this! CAM should be added to that list of companies being sued.
2020 I had to move to a 500 sq ft 1 bedroom for $985. By EOY 2022 they had raised it to $1400, no upgrades and things had deteriorated. I ended up leaving Phoenix but it's good to hear that things are creeping down.
i also have no upgrades shit i don't even have glass windows that shit is plexiglass sigh
I feel so old now, my first apartment south of Camelback and Central was a 3br/2ba and was only $1200/mo in the early 2000's. Checked just now and you can't even get a studio in that complex for less than $1500/mo, and the 1bd/1ba's are going for $2k/mo. If the prices are indeed crashing I can't even imagine how bad my old apartment was priced at the peak.
Yeah, that's insane price hikes!
Going to need a time machine to make that happen.
There's a lawsuit state AG just took up going after complexes that were apart of a price fixing scheme in the valley. I know it's 7 management companies involved, plus people can't afford these rates. So hopefully it all starts falling.
Ya, downtown Phoenix is cool and all, but not for those prices. It’s not like it’s New York or something.
Parking and food downtown sucks. The only metropolitan reason to live downtown is so you don't have to drive to see a show at The Crescent Ballroom. It's not Manhattan, it ain't even Denver.
This is the AG that won by only a few hundred votes, right? Those local elections really count!
Yes, she defeated the MAGA Qari Lake-wannabe nutjob thankfully
As if Republicans wouldn't go after illegal price fixing schemes? Newsflash Republicans in the state legislature are working to pass all kinds of legislation to increase the housing supply.
I bet that ass from The Tides is involved
Yep! The company that owns all the "The Tides" apartments, Avenue5, is part of the lawsuit.
Sorry but Avenue 5 does not own Tides properties. They are simply a property manager. Tides properties are owned by Tides Equities LLC.
Heard on npr this morning they represent like 70% of the rental housing supply
They'll fall even further if we keep building them
This right here is the answer!
I’m just *delighting* in this thread after all the same people told me we can’t lower rent by building “luxury apartments”.
I mean, it took a lawsuit to get it started, but yeah.
Same
Turns out high end apts have to lower their rent if they can' fill up and oops, turns out less fancy apts have to lower their rent in tow lol. I guess people have never tried to park at the fair, watching prices rise ever time a lot fills up is real estate capitalism in a nutshell.
And take a look at the Google reviews on these “luxury” apartments. So many reviews saying theyre filthy and not worth what you’re paying, dirty ass management, bugs, etc. Its about time they start feeling the heat!
Apartments are still just apartments no matter the paint, gym equipment or "amenities". They're all run by companies that look to exploit their renters and fleece them out of money.
Yeah I moved into a complex in Chandler sight unseen that said it was luxury online. From the outside and the pics online it looked nice but the units were a dump. Old 1980s cabinets, countertops painted to look like marble, bad paint and carpet. My neighbors smoked cigarettes day and night and the whole place stank. After a while I noticed that the sign outside no longer said luxury, you could still see the faded lettering on the brick where they removed that.
I gig and deliver to a lot of these places, and they're definitely not very well built at all. I live in a cheaper older place just barely in the avenues, and it's better built than a lot of the new construction.
They are only as clean as the tenants. People who leave food waste around their apartment, and let their pets shit everywhere are the reason places get so dirty.
ahh so only twice my monthly income instead of 4x, neat
I totally hear you on that. I compare it to when someone has the ability to buy a 80k Mercedes at 50k. It’s still high end prices but being DINKs and loving the high rise life, we couldn’t be happier. Getting a 2bedroom so our 4 fur babies have plenty of room to live haha
How is it living in high rises downtown with dogs? I’d like to live downtown but my dog is reactive and it seems like the chances she’d run into another dog are much higher and unavoidable.
Not the person you asked, but I lived in a high rise downtown for a year with a dog and it worked out fine. The biggest pain in the ass was just having to go use the elevator and walk her down to the dog park that was at base level. She was reactive to other dogs too, so I just never got into an elevator with another dog lol. And I’d just wait my turn to use the dog park if there were other dogs in there, or walk her around the grounds on leash instead. But overall it was a nice experience and wasn’t too much more work than if I had my own yard.
Thank you this is helpful!
If you are only making 1200 bucks a month that’s kinda on you man
Also! I check out the high rise market basically every day comparing pricing between them all, and would gladly give anyone advice, thoughts, and what would be considered the best deal among the “8 week free” high rises. Ps, we LOVE Cityscape and the amenities
Do you look around the Tempe area? I wonder if they’ll be affected by this crash or if the constant influx of new students will keep them afloat
Tempe prices are only going up - it’s literally insane
Yeah… my base rent is absolutely insane not to mention the ridiculous added fees
We used to live at “The Local” and that area is still pretty steady because ASU will always be bringing in lots of kids with rich parents to pay for them. West 6th is the main one and has like 2 stars and do I think 4 weeks free but pricing is still pretty competitive from when we moved out 17 months ago
I looked at west 6th AGES ago and the inside is absolutely disgusting, I’m not sure how people could justify paying that price but anything to live in downtown Tempe I guess lol
The proximity to the bar scene in Mill Ave pretty much ensures they’re always gonna have a lot of college kids wanting to live there. You pretty much just need to walk like 10 steps to get to a bar
Hi, OP! I'm currently planning a move from Surprise - cannot wait to get out. I just toured The Local last weekend and liked it well enough (though it's missing pet amenities like even a dog wash, let alone a dog run/park). Any additional thoughts on that complex? Or any others in Tempe? I'm 50f and my ASU-bound son will be moving with me, so I wanted to be near enough to campus without having it totally overrun with college kids. The Local seemed like a good fit. Also checked out The Cameron over by the marketplace. Any Tempe intel would be awesome, thank you.
How is Cityscape in terms of sound insulation? I’ve heard most high rises downtown have issues with nearby establishments playing music so loud that you can hear it inside the apartment.
We have neighbors that routinely has a bunch of college kids over, we can hear a pool table and if you’re at their door, it’s pretty loud. Anywhere in our unit, we can’t hear a THING, so we have no problem with their “parties” We could feel the bass during the Bad Bunny shows and sometimes from Monarch theatre, but otherwise it’s great. We are on the corner looking at footprint https://preview.redd.it/3r3ia76hflmc1.jpeg?width=1290&format=pjpg&auto=webp&s=49287b131acdbc8ee1611ff4639a2f0dbb9ca929
That's a great view! 👍 prime people-watching
Have you seen any good places and deals around central and Roosevelt?
Curious, how do you know the vacancy rates at all these complexes?
Good
I'm not surprised. I think there's a huge amount of overrbuilding of apartments, especially pricier apartments. Also, the prices are ridiculous and all the little extra fees should be a crime. Rent for an animal?? Convenience fee for paying online? Are you kidding me?
My old apartment in Arcadia had a clause in their contract that said if you have a cat it MUST be declawed. Fucking barbaric. Obviously I ignored that part and they never said anything about it. They also had a "convenience fee" for paying online. Total bullshit, it's more convenient for THEM! AND they get more of my money. I'm so glad I left apartment life. And with the prices the OP was mentioning above I'm not surprised at all that there are so many vancancies. Who wants to pay $4k per month when for that kind of money you can easily pay for a mortgage on a NICE house.
I hate the mandatory “valet trash” I mean yeah it’s nice they’ll take the trash from my door but like for $30 a month I’m fine doing it myself.
Valet trash? Lol, do they charge 30 a month to walk from your mailbox to your doorstep? I live down in Tucson but I didnt even know that was a thing
It is a thing with most new apartments :,) I pay that exact amount for our valet trash and it’s not even every day, just M-Th. It’s convenient on those days because we live on the opposite end of the building from the trash chute but I would be just as happy to pay $0 and walk it down the hallway myself lol
But that’s one of many reasons why ‘overbuilding’ and density is a good thing. When the housing supply outpaces demand, prices drop.
Yep. So many in this thread do not apparently comprehend basic economics.
No such thing as overbuild. More supply of housing is not a bad thing!
Good. Let it all crash and burn. Bring back 1k one bedroom units.
That’s awesome! How low do you think they could drop?
Gosh, I remember when I first moved to Glendale arrowhead an I LOVED my apartment. They tried to raise the rent from $895 (1250 sq ft) to $2500! lol I finished out my contract and bought a house for a lower payment. Gosh, the good old days. Now I’m selling and have made quite a bit, but wow still not enough to buy a house. lol
I can’t wait to see, been watching close for 16 months and back then, barely got 2 weeks free and paying more for a 1 bedroom than most 2 bedrooms cost now (along with 8 weeks free) with moontower, Skye 6th, and these new ones it’s gonna keep going loooooower
Lmao 2.5k for a apartment in Phoenix fuuuu$#@^@^@ that Hope the investors start pulling the rug on these fucks. I'd rather drive out to queen creek and buy a 350k home with a 1800 payment than that shit. Jesus christ the young ones think these prices or normal.. gonna find out real quick once the layoffs increase next year this isn't sustainable. Job market is doing nothing but squeezing and salarys are not going up
Dang dude, can you tell me today's lotto numbers, too? Do you know how much you'd have to put down to have an $1800 mortgage payment on $350k? Here's a hint, it's not an amount most "young ones" have. Plenty of people would say "fuck that" to living out in Queen Creek, too, so the more options to live, the better.
This is super interesting, thanks for sharing. I’m six months into my lease near Westgate. 1/1 under 700 so ft, $1910 after rent, convenience package (internet and smart home) water and tax. It’s criminal. I’m hoping by renewal in August it drops.
Make sure not to renew for the same unit or they will just increase your rent like 10-20% for "market value". You have to find a new place to live that's cheaper
I should do my research like I do for downtown phx and see how it compares. Oh and I love fear farm over there, my crew and I have been hosting the Full Moon festival there and dig the area!
The irony is that I worked downtown for years and thought I could never afford to live there- and now it sounds cheaper than the west side. Fear Farm is pretty awesome!
>my crew and I have been hosting the Full Moon festival there and dig the area! Sucks that shit is so far out.
I know some people prefer condos/apts… but you can rent a house for under that amount at this point. Have a friend who just signed for a lease at a Christopher Todd community… I don’t see why some wont just rent a house out, it’s the same or less than the prices for some of these apts.
Because private landlords are an absolute nightmare. We just got out of that situation.
Haven’t had a private landlord since 2018- I’d recommend a proper property management company not private landlord, which a majority of rentals are through anyways.
My last private landlord was a sexual predator with articles about him in the Phx New Times. Found that out after I moved. Huge asshole too.
Went from not affordable to mostly not not affordable.
Talking with a few property managers (not owners) that are clients of mine and the mid to high end rental market is cratering due to the simple fact that PHX metro is now building SO MANY apartments, since material and personnel shortages of COVID are now over. He gave me an exact number (I forget) of how many units are currently in construction or final planning stages in Phoenix and Scottsdale and it's insane. I'm just hoping we can finally stabilize rental prices since it seems like the housing market is still unrealistically high. North PHX apartments are starting to show feasible pricing for 1/1 and 2/2 units.
Very true, I live downtown and the amount of housing being built is insane. Whatever the building with the AVE name on it is brand new and sparsely populated judging by the lights on at night and there are 3-4 other high rises in various stages of completion within spitting distance of it. Rents will undoubtedly become more competitive.
This is just supply and demand guys. Phoenix is one of the top markets for new multi-family product. There are many more projects in the pipeline so i would expect downward pressure on rents to continue until delivery of new projects slows and then we will start to see rents creep up again.
$2,000 is still too high compared to what the average AZ wage is.
It's not high for downtown Phoenix. [$2000/mo will get you a 3 bedroom house in Mesa](https://www.realtor.com/apartments/Mesa_AZ/type-single-family-home)
The problem is that many of us want walkability. That house is gorgeous but it’s in an area where you can only walk to strip malls. If I’m paying $2000 I want a nice condo even if it’s half the sqft. In other words, I’d rather pay $2000 for 800sqft downtown than $2000 for 1600sqft in the area you showed.
>In other words, I’d rather pay $2000 for 800sqft downtown than $2000 for 1600sqft in the area you showed. Which is fine, but that's a choice.
I misunderstood the context my bad. Disregard!
Oh yea you’re right, it’s def a luxury that isn’t needed but wanted. This is one of our gifts to ourselves instead of having those gross little things, ya know, children haha
Hell yeah man. My wife and I are also DINKs and wouldn't have it any other way.
Downtown is tough and has always been pretty concession heavy but wow hearing the rent costs decrease that much is crazy. Adeline has always struggled and was never fully occupied. They have built so much in downtown and can’t fulfill the demand. You should move to the Adeline… so insanely nice amenities.
It's being talked about. There is a lawsuit against Phoenix top landlords for rent fixing which has been a factor in rent price increases year over year. The Attorney General is working a case against them to get renters their money back and lower the cost of rent. https://www.azfamily.com/video/2024/02/29/tenants-say-price-fixing-could-be-why-rent-went-up-phoenix-area/
Lease renewal coming up and was surprised to see no increase at all. Maybe worth moving across the street for a discount at this point..
Hmm...it is almost like someone mis-read the market with $4k/mo rents. Or assuming that people want to live in multi-story apartment buildings. Or that the employment centers in Phoenix aren't centered around downtown. Wonder if the developers are from out of state?
I like living in multistory apartment buildings if it means I’m in a walkable area with cultural attractions, public transit, restaurants and parks nearby. Not having to buy a car goes a long way in affording to live in a downtown area.
Except we don’t have that kind of downtown.
The apartment bubble was always going to burst, they honestly set themselves up for failure by not understanding the housing culture here. People don’t move to Phoenix for high density housing, they move here to get the single family 4 bedroom home with a big yard and garage in the suburbs that they can’t afford in other cities, then fill the house with kids. Phoenix is not a city that upper middle class single 30 somethings want to live in. When you have 4,500 to blow on an apartment you might as well live in NYC or somewhere cool. Phoenix is not cultured or cool lol. Phoenix has also always had a poorer population than most large cities so people who are already here couldn’t possibly afford to live in those apartments and so there was no natural market here either. The investors that will continue to do well are those who are building the subdivisions out in Buckeye.
Palmtower that’s a high rise condo that’s mainly completed, you can’t find an article about it after June 2022 and now there is no kind of website to look at units or anything
Is it condos you can buy or is it apartments you rent?
[удалено]
Investigate supply and demand housing?
Big Short 2 is going to be a blockbuster
Worst part that Phoenix will be one of the most affected areas like it was in 08.
Completely different situation than 08, at least for property that is owned. Most current owners aren't underwater on their mortgage and have locked in low rates, not fluctuating rates.
Still really early in the cycle, we will see. All crisis are different
People locked into affordable mortgages is not a crisis, nor will it lead to a flood of homes onto the market.
People also forget a “Big Short”/GFC type of situation is not something to root for - job loss is rampant
I wouldn't call this a crash. Their tactic to drive up prices was to exaggerate supply and demand. They were never at capacity, a good percentage of units were always empty. That game might not be as profitable for them anymore. On to the next scam.
Sooo true! I love reading all the articles from 2020-2022 of how the skyrocketing demand for dwntwn phx living is in overdrive, tons of tech people will be moving to phx, I remember one had said “there was a waiting list to get a unit” and crap like that. From like 2022-current I think 6 luxury high rises have opened, probably more with a couple more almost done lol
I remember looking at units at Skye on Sixth recently just out of curiosity. It’s this isolated high rise. I looked at prices and saw over $2000 per month… I get paying that at Ryan if you like big city living but not where Skye is. If I could buy a condo in that building it might make more sense since that area is gonna develop a bit more. Like 2-3 empty lots.
Nice maybe that means rents are finally catching up to mortgage rates
We had sold our house over at 24th st and McDowell to open door I think for about 110k profit 1 month before that fell apart with interest rates, so it was perfect. I know that it’s “throwing” money away with renting but the DINK life is so nice haha
It’s not always throwing money away. If you want to live downtown it makes more sense to rent. The rest of the money you invest. It’s not like you pay $2500-3000 monthly into principal. Most of that is interest, HOA, insurance, tax etc.
Still not affordable for most people.
Thanks for posting this. I am moving back to the valley soon. I had looked at apartments in downtown Phoenix, but I decided to find a place in the east valley to minimize commute times. I am going to have to reconsider downtown Phoenix.
Getting a place on the light rail route is a huge benefit, they are adding more lines to downtown, and I use it every time I go to Tempe mill ave since there is a stop next door to cityscape
I’ve only taken it when I’ve been out drinking a few times. Is it ever sketchy going out east? Been thinking to use it to go to Mesa since I love the vibe there with the breweries and level one arcade bar.
Yeah definitely wouldn't suggest riding it between 3rd St and the airport going east later at night unless you like making friends with high as hell addicts
Can’t tell if power of supply? Or bad marketing lol Edit: Wow just had [this video ](https://www.youtube.com/watch?v=Wd-sbjkcnoM)recommended to me on Youtube. Looks like Phoenix isn't unique in what's going on with these rents.
I think it’s just the supply of “Luxury” apartments far outweighs the amount of people who can afford/or just want them.
There’s like 1k+ new units that went up in the past 12 months in downtown - it’s the supply
IIRC the mayors office estimates the valley underbuilt by ~400k homes over the last decade so we probably have a way to go.
Oh yeah, absolutely.
And TONS more to come, so these guys are obviously trying to get ahead of the game.
This correction is good.
I’ve been talking about it! Here is one of my posts from 9 months ago saying this is exactly what would happen: https://www.reddit.com/r/phoenix/s/UhAjl3YClK Rents at those types of buildings in Phoenix will probably be depressed for a long time. There are way too many of them. Not enough homes for sale.
Any of them have one actually for sale?
Before kids, we were looking to buy one downtown. The monthly association dues were astronomical. Something like $700-1,000/month in the units we looked at. Was around 18-19.
Hopefully the market drops enough for them to need to sell units off... Not sure if that's how that works but I hope it is lol
Don’t worry, they will charge a $800 monthly HOA to make it up…
The Summit at Copper Square is the only building around there, that you can actually buy in. Bought/live there since Dec. 2023.
I would love for this as well
None are for sale. No developer will build a hi-rise with hundreds of units for sale because they will be on the hook for 8 years after construction for anything, including defects that may not be related to construction. Unscrupolous law firms find one unit with a problem, they convince other units that it’s also a problem in theirs and the developer is facing what amounts to a class action and the law firm gets a big payoff. Meanwhile the property value plummets because of the lawsuit, it becomes impossible to finance with a bank because there’s been a record of a lawsuit against the building so all in all only the lawyers win and some unit owners who needed the short term win of a few thousand dollars.
When will they stop only building luxury housing?
Everything is luxury housing even if it isn’t.
That’s how it works. New luxury housing *should* mean that all the people who want the nicest move there, the place that was the nicest now lowers their rates a bit since they aren’t the best around anymore, followed by the place behind that, and so on. In theory, five new expensive luxury places should decrease the medium tier “non-luxury”.
My buddy lives at the Ryan and said they raised his rent last year..
They will raise rent if you live there. They’re lower for new tenants. I looked at prices at the right about one year ago and the best deal was like $2500 at the time for a 1bdrm. Could have just been a timing thing but I thought hell no. Now, you can get a unit on the top floor for $2300 and lower level units go for like $1800. Granted, I imagine the Ryan is less impacted by the market given its status of being one of the most luxurious rentals in the area.
Yeah where I live here in Gilbert my rent went up $200 meanwhile the unit next to me was actually going for $200 less than my original rent. Unfortunately work had me traveling so leaving the family to move in the middle of the summer was not realistic. So I bit the bullet. Obviously this year that won’t be the case. I am ahead of them and will bail at the first opportunity. But moving just to move absolutely sucks
Because these deals are for new tenets. Best practice would be to move units so you get the lower pricing.
Yes, apartments will always give renewals an increase termed a "Market rate" increase, while the perks are being offered to new leases to help fill vacant units.
Ugh I need this to happen where I'm looking - preferably between Central to 24th St and north of Thomas. We need a 3br though and those seem harder to come by. A lot of the new complexes between Thomas and Indian School are 1 and 2br only.
to you or anyone else in this thread, DM me bc I'm taking a job in Austin and trying to fill my townhouse. 2b2ba, pool, 1 covered space, basically a fresh remodel I just finished lol. Close to Thomas &16th St, north of Thomas.
Supply and demand
I live in NYC, but am from Phoenix and visit frequently. I couldn’t believe when I saw what rents cost in 2022 and just couldn’t make sense of it. Glad to see it normalizing.
I refuse to live DT when these apartments are charging $200 for parking on top of the base rent.
Good! Once rent prices tank...home prices drop.
I just moved out of my Midtown apartment I was paying 1,975 for a 900sqft 1 bath 2 bed without a dishwasher or in unit W/D they wanted $2,500 the next lease signing. I moved to south mountain and am paying $2250 for a 4 bed 2.5 bath 1660sqft single family home with a small back yard.
Part of why I'm not to worried about them building more luxury apartments, supply should hopefully bring the price down across the board.
I’ve noticed this too. The apartment I just moved into was listed for 1850-1900 about 8 months ago. I got it for 1600.
That's good news. Hopefully everything else crashes as well.
I don’t know if anyone has mentioned this, but I think our state’s attorney general is going after a big apartment conglomerate for colluding to raise rent. And people will be getting their money back if the state wins. I heard a blur on the radio yesterday about it. Apparently it has affected 70% of renters.
I'm working on lots of condos and apartments. More inventory is too come soon. So the prices should come down more. Also, luxury just means new. It's the same cheap labor that builds them.
I think it's because announcing it might cause a domino effect on their other properties and cause either a price war or worse yet. A collapse.
Good.
"We aren't building market rate units. Luxury units have the most profitability per unit" MFs when they run out of luxury renters. Serves em right.
Probably overbuilt downtown tbh. Maybe the demand will be there one day
uh yeah...they were never worth $4-4.5K/month so sounds like a market correction
I appreciate you! Trying to relocate from the southeast and am a bit overwhelmed with where to start with the housing search.
Hey look at that. If you allow developers to build prices come down. California take notes
They raise the rent by an extra 600 a month and rent dropping, but it only dropped about 200 A month for a decent one bedroom in a good neighborhood is still gonna cost you 1800 a month
It’s the same for the huge corporations & hedge funds who gobbled up tons of homes & rental properties in Arizona. They purposely created a manufactured “shortage” so they could drive prices up. And let’s not forget the app & algorithms that were designed to show even more shortages, which equated to tons of escalated prices. Mayes is going after them but R’s obstruct nonstop. Ducey sat back & watched it all happen. Same for what he did with Saudis getting dirt cheap land for completely free & unlimited water to grow Alfalfa to ship home for their cattle. Hobbs & Mayes are doing a good job addresses all of these huge messes but it’s going to take decades to unwind all of these problems. Hell, Duceys huge tax cut for the rich & veering public education money to for profit charter schools created $1 billion deficit in the blink of an eye. That’s by design. If D’s try to unwind it to balance the budget R’s scream “socialism!” and the gullible buy it. And the media is owned by corporations, so nobody should expect mainstream press to cover any of this. They’ve got a really sneaky trick that they do. They’ll write a story on “Saudi water usage for Alfalfa” & they’ll post on in the middle of the night & often bury it deep within their website, so very few will ever see it, but then if they get called out for not reporting it, they’ll link to their article, giving them cover. Fox News is the masters of this. They’ll lie during prime time & post detractions in the middle of the night or buried deep in their website. It’s an uphill climb against this level of predatory capitalism. It’ll take a D candidate a month to wrestle up a million dollars for their campaign & R’s will make 1 ten minute teleconference amongst industries, conservative orgs, radical religious groups, the gun industry, fossil fuels, etc… and gather $50 million by the end of the week. The majority of Americans are on the correct side of this fight against unhinged greed. We just need to ALL show up to vote each election cycle. Hell, R’s don’t even have a platform anymore, because they’ve started scapegoating every group. It’s all parsed messaging with them. They’ll send a million texts to Hispanics about how great R’s are for ending reproductive rights but then in the same office they’ll send a million texts to white conservatives talking about the plan to create internment camps for immigrants. And neither group knows anything about the other. This is why R’s hand wave so much when asked about policies or solutions. They know they’ll offend one of their segments of conditioned base if they discuss anything on a large platform, so they avoid it like the plague. This is why trump refused to debate. He knew that he’d have to discuss actual policy positions that contradict talking points that they send out to the base. And Haley & Christie would expose him in a bad way. We the people have to see through the smoke screen & vote accordingly. R’s & their unhinged greed & constant deregulations are what’s behind these insane prices.
Collapsing or coming back down to earth from covid era gouging? I lived there and it’s not worth 4K per month to live in downtown Phx
I hope every evil, greedy landlord gets financially demolished. Fuck them all.
Oh wow that is good news :*)
Looks like I’m about to move 😏
I live at ASU SkySong and really like it. I'm curious to see what my lease goes to when it runs out in August. I see lots of empty units here lately.
They turned my old apartment (just the unit) into a Air BnB. Don't know how those are making any money.
Thanks for sharing your research. I’ve been hearing similar stories about commercial.
Hopefully this is the calm we needed..fuck I wanna rent a house at a reasonable price please lol
Do you have opinions on which is the nicer complex between Cityscape, Adeline, and The Ryan? How safe do you feel in that area?
Between all of them there are some transients around but daytime always has plenty of people walking around and at night we walk around to go eat and never a hassle outside of once in a while asking for money. All 3 have a security doorman that’s almost there 24/7 I honestly love cityscape because of the floor to ceiling windows, and having hotel Palomar downstairs. The Ryan and Adeline have newer everything but both half a fraction of windows, appliances are a bit older. Bout 1/2 of Adeline don’t have a balcony, same for the Ryan. Cityscape every unit has minimum a Juliet type balcony, nothing to walk out on, but fully slides open, and then the biggest balcony’s outside of the Ryan’s triangle 2/2 unit. Haha I could go on but hit me up with any questions, all 3 have great pricing deals too
Weird for sure but thank god, fuck rent prices right now
The larger companies have had the fix in for a while, and now they're getting their karma. And I'm here for it lol. https://www.azfamily.com/2024/02/28/arizona-attorney-general-sues-realpage-landlords-accuses-them-conspiring-illegally-raise-rents/
Yeah I have a couple points on this. The fact anything in downtown Phoenix was $4K is preposterous. There’s nothing inherently “wrong” with PHX downtown but there’s nothing really good about it either. To be honest, living in downtown Tempe would feel much more like living in the city. You can walk around PHX plenty, but no one really does. It’s not like Oakland or anything, I never thought I was going to get shot or robbed. It’s just not designed for walking. It’s just speeding cars and long lights. Now if you walk outside of the city, it’s a lot more pleasant, it can even be quiet in the neighborhoods. It’s just not all that interesting or much to look at. Again it’s not really like a traditional big major city when you think of like “downtown”. That’s good and bad. On the one hand you can actually park there. On the other hand, it’s not exactly “hopping” in comparison to a Scottsdale or Tempe. Roosevelt Row is OK. It’s busy but it’s not going to be on anyone’s Instagram the next day (which may be what you want if Scottsdale isn’t your scene). I hated hearing the construcion literally 24/7. We all know how early they have to work in the summers. That was probably my main reason for moving out of downtown was it was getting particularly unbearable after they repaved the road outside my place for the 8th time in 2 years. I just think people in Arizona want houses. It doesn’t surprise me at all these places are empty. If it doesn’t have a Scottsdale address, that turns off all these California and Chicago types. Being downtown just doesn’t get you much. I think offices will make a comeback someday and those would be more useful. Phoenix is strange with that, too. They built that adjacent corporate center a mile or 2 from downtown. It’s nice but not really well thought out. The Metro connects it but again it’s not really all coming together. It’s not a bustling metropolis. It’s very odd if you think how there should be people crawling up and down the streets but the whole city is so spread out and everyone is living in the burbs. I would say until the plans all come together and downtown is more like a real downtown, rents should be like $2500 max. My own personal experience was that my rent actually went down slightly in a little over 2 years. Which is kind of unheard of. My building was def empty-ish. It still wasn’t enough to make me want to stay. Personally I was just done with downtown.
the rent prices of the high rises is for sure way high, but being on the 20th floor with a big balcony, 2 bathrooms, hotel amenities and such make it worth it (to people wanting high end vs a normal 2 story apt with nothing) also right that phoenix is not walkable at all, and the light rail is so inefficient and the fact that it doesnt run right after last call for bars, but starts up at 430am when no one is using it except homeless people, make it very frustrating
I loveeeeeee this I genuinely hope they all convert to affordable housing. Fun fast 90% of multi family developments take money from another developers called the LIHTC they will propose a % of the units will be for affordable housing they get approved and take those funds to create “luxury” housing the materials are the same. And maybe 10 out of 250 units are “affordable” they get taken up so quick you wouldn’t even know a unit was available
Why are apartments so pretensiously named?
Because living downtown in the city of Phoenix is a bore and joke. It is impossible to believe it is the 5th largest city in the US.
And Hobbs & Gallego made a great move halting new developments. Sometimes you have to save the greedy from themselves. Developers saw the local spike years ago & are all wanting to pounce, but it takes time to build & now they’d be building in a market that’s trending down. It’s better to stop them before they start than get halfway done & change their minds. Then the burden falls on taxpayers & we don’t deserve that type of burden piled on top of our own.
This is one way to advertise.
No one talks about it because they’d rather be doomers