Metro Phoenix Renters Paying Hundreds of Dollars in App Fees

By Rebekah L. Sanders | Arizona Republic Metro Phoenix’s housing shortage is forcing tenants in some cases to pay hundreds of dollars in application fees just to find a place to rent, not including move-in costs such as a security deposit. With apartment vacancies at a nearly 50-year low, some renters are applying to property …

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Rental Occupancy Hits 40 Year High in Metro Phoenix

By Brent Ruffner | Phoenix Independent The Phoenix metro is at its highest occupancy percentage in more than 40 years, despite increasing rents around the region, according to a local housing research expert. Thomas Brophy, national research director at Colliers in Phoenix, said the current occupancy rate is 97.1% — the highest since that number …

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Developer Proposes Turning Harkins Theatre Into Apartments

By Corina Vanek | Phoenix Business Journal A plan to redevelop a Harkins Theatres location in north Phoenix could spark yet another new trend — repurposing outdated retail real estate to meet changing market demand. Developer Wolff Co. hopes to raze the North Valley 16 movie theater and redevelop the site into apartments. Jason Morris, …

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Valley Build-to-Rent Hybrids are Capturing the Eye of Lenders

By Angela Gonzales | Phoenix Business Journal As the build-to-rent niche continues to become more popular with renters, homebuilders and investors, it’s also catching the eye of lenders. These unique build-to-rent (BTR) products feature detached, single-family homes in a rental community loaded with amenities, including clubhouses, resort-style pools and dog parks. Scottsdale-based Tower Capital, which …

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Scottsdale Company Converts Hotel Suites Into Affordable Housing

By Corina Vanek | Phoenix Business Journal In the wake of the Covid-19 pandemic, which hit the hospitality industry harder than almost any other, and faced with an affordable housing crisis in Arizona, some real estate firms are looking to transform hotels into apartments. “One of our clients is very entrepreneurial and had the opportunity …

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Some Hedge Funds Using ‘Buy & Hold’ Strategy in Housing Markets

By Andy Medici | The Business Journals Homebuyers are increasingly going up against hedge funds and other big institutional buyers in a hot housing market— and they will need to bring their best offers to the table. Cheri Benjamin, Realtor® and CEO of Village Premier Collection, said buyers might want to try and put down …

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2 Million More Workers Than Expected Have Retired

Based on pre-pandemic trends, more than 47 million workers age 55 or older were projected to be retired* as of this July. More than 49 million are actually retired. Notes: *For each month after February 2020, the projected retired population is calculated using a corresponding projected retirement rate among people who are 55 or older. These …

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July Homebuilding Permits Take Dip as Valley Market Cools

By Angela Gonzales | Phoenix Business Journal Single-family homebuilding permits in July dipped a bit compared with July 2020, an indication the Valley’s housing market cooled a bit over the summer. Nonetheless, overall permits are up 32% year to date through July, with some Phoenix metro cities seeing triple-digit percentage increases. Between January and July, …

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Flood Map Changes to Save Scottsdale Property Owners Money

Mortgage holders of more than 500 northwest Scottsdale properties are now able to cancel their flood insurance due to flood map changes that went into effect July 20. The Flood Control District of Maricopa County (FCDMC), in partnership with the city of Scottsdale and the city of Phoenix, asked the Federal Emergency Management Agency (FEMA), …

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iRenting Model Guarantees Phoenix Landlords Rent for Two Years

By Angela Gonzales | Phoenix Business Journal A new iRenting model based on the iBuyer model is making its Phoenix debut. Called Nomad, the Denver-based company gives individual landlords a guaranteed rent offer on their property and takes on the heavy lifting of tenant placement and management. PJ O’Neil, a former Opendoor executive and co-founder …

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