Some rental properties now asking applicants to enter bidding war in Arizona

By AZ Family

The housing market in Arizona is continuing to change as more people relocate and properties are high in demand. Natasha Smith has lived in her Gilbert home for seven years. It’s where her kids grew up and where her late husband last lived. Unfortunately, her landlord is now selling the house and she’s trying to find another house to rent in the area–with no luck.

“Every process that I’ve had is, either the house is completely overpriced for what it’s offering or it’s gone before you can even get an application in,” Smith said. Smith says she applies to a new property every day, and it’s clear the rental prices are much higher than they used to be. “I have looked anywhere from 1,850 a month to 2,400 a month,” Smith said.

“Just in the last 90 days, we’re up about $75 a month (increase) on average on rentals, which is crazy. We don’t see increases like that normally,” said Jason Jeroux, the broker and owner of 410 Real Estate in Gilbert. “We’ve seen people getting, $200 to $300 more a month now if a tenant vacates and they put it back on the market.”

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