All you can see for yourself here in AZ that there are apartment complexes and apartment complexes popping up all over. For many that live in an area that maybe needed a little rejuvenation, having new buildings go up could certainly be a plus for your home value. However, for those of you that are renting currently, it seems that rental cost is also continuing to go up. This is another large reason that those who are currently renting, or thinking about moving, should really look at buying a home. According to bizjournal.com, Rent Cafe reported that Phoenix rents rose 7.1% last year. Like many others who rent, this could be a deal breaker when it comes time for renewal and your rent is going up almost 10%. The fortunate thing about home ownership, you will not need to worry about that, however you do potentially have some other costs that could increase YOY like insurance and taxes.
According to this article Scottsdale saw the lower percent of increase YOY at 1.9% and seeing cities like Surprise jump 12.6%. I am guessing this could be because those outskirt areas such as Surprise are now starting to develop and become more populated. Knowing these apartment complexes are building more locations and being able to charge more because of the demand.