If there was ever a time to buy Real Estate in Phoenix, Arizona it's now. The greater Phoenix area just experienced the second highest increase in single family rental prices in the entire country. Rental prices have had a 5.5% hike for the last year-over-year according to data released in April 2018 by CoreLogic Inc.
Phoenix has been a popular destination for many years but with the booming economy and job growth it is poised to explode to an even greater level. Phoenix is experiencing high year-over-year rental increases due to the employment growth of a whopping 3.2% while the national employment growth according to the Bureau of Labor Statistics is just 1.6%.
Why Phoenix is Growing
There are several reasons why employers are flocking to Phoenix, Arizona. Here are the six main reasons that top the charts:
Low State income tax
Large Airport (with many airline main hubs)
Fast moving freeway systems that tie the city together
Large employment pool from which to draw
Why invest in Real Estate in Phoenix?
Phoenix has been a retirement destination and a snowbird retreat for many decades. However in this modern age of technology companies are learning that Phoenix is "the place" to headquarter their businesses. With Amazon, Intel, Apple and many more companies branching out into Phoenix, it's fast becoming the new "Silicon Valley". Add to that the "Baby Boomer" generation now retiring and heading south to warner climates - it perfectly poises Phoenix to top the charts in growth. NOW is the time if ever there was one to invest in Phoenix, either buying a primary residence as opposed to rent or invest in a rental income that can provide a lifetime of income.