Zillow ranks Phoenix # 1 nationwide for increased rental rates in July | Arizona News

PHOENIX (3TV / CBS 5) – Phoenix may be the fifth largest city in the country when it comes to population, but a local real estate expert says housing supply just isn’t meeting housing demand.

Eric Atencio works at Valley King Properties and has been in the real estate industry since 2000.

“We have had a construction shortage for apartment buildings and single-family houses for ten years,” said Atencio. He also blames an increase in the minimum wage, the COVID eviction moratorium, and the amount of people moving to Phoenix from across the country bringing their high-paying jobs with them from home.

“You can bring your Zoom meetings to your home in Arizona. That’s why the cost of living is moving at an unprecedented pace, ”added Atencio.

It’s not just Phoenix, either. But people all over the valley are facing the same problem. An East Valley mother who lost her job due to the pandemic says she is stressed to the extreme.

“It’s become … I don’t have the words; you might find them appalling to find work. At the same time having three college degrees,” said Debbie Giannecchini.

Giannecchini says her complex used to charge just under $ 1,000 a month for her 1 bedroom. Yesterday she found her rent increased by $ 300, along with new utility bills and fees.

“I’ve been here for five years … not a single chandelier or lightbulb has been changed … the carpet is the same,” Giannecchini told the Arizona family. “It’s about supply and demand … the bottom line is that we need more living space.”

When it comes to the future, says Eric; unfortunately he doesn’t see this problem any time soon. You can find more information about housing allowance from the City of Phoenix here. To read the full Zillow review, click here.

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