Phoenix rent prices skyrocket

[George Cocokios]

I just read rents are up double digit YOY in Phoenix. Does anyone out there have any insight on what is driving these crazy rent increases? Is it supply and demand, rising housing prices, housing shortage or all the above or something else?  Is this sustainable? I’ve never seen rents climb so quickly so appreciate any insight people many have.

Thank you

[Bob Okenwa]

@George Cocokios

People have been coming to Phoenix for years now. During the early stages of covid, people weren't doing much of any kind of moving and that created a logjam of sorts. Once things began opening up, we saw that backlog burst open like a dam and create a demand much greater than the supply and here we are now.

Record low inventory and an increasing population has led to a lot of the housing issues we're seeing in the valley today.