Soft Rental Market in Arizona, but why?

Foreclosures in Arizona, and across the U.S., are up and loans are harder than ever to come by for buyers, so doesn't that mean that apartments should be filled up with renters? Not exactly. Actually, the foreclosures have created an opposite effect where renters are leaving apartment homes for single family homes. The over abundance of vacant homes and the over-built apartment complexes have created a soft rental market in Arizona and many apartment communities are feeling the effects.
Apartment owners are now having to drastically reduce rents and offer enticing specials to lure renters through the doors. The signs for specials are dusted off and out at the complexes for what looks to be the long haul. It may be a while before buyers begin repurchasing all these single family homes and until they do, apartment owners will be in competition for all those renters.
For more information about Local Arizona apartment specials read the article posted by the Arizona Republic on March 18, 2009. Read the article now.