If I had to speculate, I'd say its a combination of rebound from covid rent furloughs, and market capture by capital management firms like trammel crow (who really, really want you to think theyre a property management company now)
Some might say deposit regulation and reform is a driver, but all that really did was set up a scumbag market of fintechs that replaced outrageous renters deposits with slightly less expensive non refundable premiums.
Not that it matters. We are building plenty of apartments you can't afford for other reasons. Paid parking, pet fees, 3 figure application fees, move in fees, and common area fees not to mention Arizona's renter property tax all raise the bar.
Even if you can afford it you'll likely not qualify. Credit, criminal and prior landlord checks all have to come back spotless. You'll need to submit 2 pay stubs after that.
Some might say deposit regulation and reform is a driver, but all that really did was set up a scumbag market of fintechs that replaced outrageous renters deposits with slightly less expensive non refundable premiums.
Not that it matters. We are building plenty of apartments you can't afford for other reasons. Paid parking, pet fees, 3 figure application fees, move in fees, and common area fees not to mention Arizona's renter property tax all raise the bar.
Even if you can afford it you'll likely not qualify. Credit, criminal and prior landlord checks all have to come back spotless. You'll need to submit 2 pay stubs after that.