By Catherine Reagor | The Arizona Republic
The growing number of metro Phoenix rental homes is putting pressure on monthly rents in some areas. But the rising price of buying a home is making it a financial toss-up for many people trying to decide whether to rent or to own.
There were a record 2,645 leases signed for houses in the Phoenix-area during February, according to the Fletcher Report. The average monthly rental rate was $1,100 last month, exactly the same as in February 2012.
However, the own-to-rent ratio climbed from 10.4 percent a year ago to 13.6 percent now.
A ratio in the 1-15 range means owning is less expensive than renting. A ratio of 16-20 means renting makes more sense, said Fletcher Wilcox, real-estate analyst with Grand Canyon Title.
If you’d like to discuss real estate matters, contact RLG founder Jordan Rose, jrose@roselawgroup.com
