Lately, it seems like Maricopa County?s rapidly increasing real estate costs is a main subject in Arizona real estate news. However, just to its southeast, Tucson, Arizona, is also making headlines for its rental increases leading some to ask: Are Tucson rents rising too high?
Rental Prices in Tucson
Home to the University of Arizona, Tucson is a city that is experiencing positive economic changes. In recent years, the city has seen economic growth, and its real estate values rise. With communities such as Phoenix becoming unaffordable, buyers are seeking to live in other Arizona cities. According to a recent article in the Washington Post, it is anticipated by some that Tucson will be a top real estate market in 2020. Additionally, investment by employers such as Amazon, Raytheon Missile Systems, Caterpillar, and Hexagon Mining have helped create jobs and draw investment interests to the area.
Recent Rental Market Increases in Tucson
According to recent news reports, there has been an increase in commercial real estate investment interests in Tucson. While this development has been positive for the local economy, some tenants have felt the negative effect of the change in the form of increased rents. In one news story, it was reported that two Tucson school districts had been severely impacted by an increase in students having to leave mid-year due to evictions. Some have deduced that rapid increases in area rents have led to a housing crisis for lower-income residents. City leadership is aware of the problem and are in discussions about developing an anti-displacement task force to help with affordable housing solutions in the community.
Tucson, like Phoenix, appears to be grappling with fostering economic growth and preserving affordable housing options for the existing population. Community leaders hope to find solutions that support residents at all income levels while encouraging investment in the city.
Laura B. Bramnick is an experienced Arizona real estate attorney who has the expertise to assist you with all of your real estate needs. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.