(Disclosure: Rose Law Group represents Greenlight Communities.)
By Caroline Yu | Daily Independent
Gen Z professionals have entered the workforce, but with this new era of independence comes major financial decisions, like finding the best choice of housing for their budgets and lifestyles.
National rent prices have been on the rise with very few dips in the median price since 2021, according to data from Rent.com’s July 2023 rent report. As of June 2023, the median national rent was reported to be $2,029 per month.
But in Arizona, Rent.com found that rent prices declined by almost 5% this June compared to the previous year. Median rent in Phoenix for the last month came to $2,111 — a 2% decrease from last year and 0.3% decrease from May to June.
Still, for renters who are on a fixed income or in the beginning stages of their careers, high rents make it difficult to save for the future or spend on other expenses.
Valley renters, especially Gen Z ones starting their careers who may not have the funds for new luxury communities, are left to compete for new and old rental openings and are eager to feel the effects of rent prices decreasing.
