Hot Housing Market Good News For Landlords

The Arizona Republic reports that the metro Phoenix apartment market is recovering nicely after years of competition from the region's single-family home building business. This is good news for landlords who are seeing rent increases (which adds to the value of the complex) because rents have been stagnant for the past three years.

Further driving the apartment business are a strong economy that is creating jobs, and apartment buildings being converted into condos, removing rental units from the market. The average vacancy rate for Valley apartment complexes fell to 9.6%. With the big increases in home prices, more people are looking at apartment living because they cannot afford a single-family home. More real estate news...