Rising interest rates are driving some home buyers into rentals. With the increasing demand in Southern Arizona, Marana is working on stepping up to meet those needs with several rental-focused projects in the works.
“I pay $1,800 for a four-bedroom, two-bath house,” Gwen Hart said. “It used to be $1,500 and it went up $300 from last year, which is pretty steep. I was expecting it to go up, but not by $300.”
Hart, like many residents in Southern Arizona, has been impacted by the rising costs in housing.
“I moved here from New York and they’re very sensitive in New York, and I really enjoyed the cost of living here in Tucson-Marana,” Hart said. “It is definitely comparable to New York now and they’re going up and it’s a little less affordable than it used to be.”
For some, the rising interest rates are driving up rental demands.
“It’s probably very difficult for people to manage it,” Ron Schunk said, “I bought a long time ago so I got it when rates were low.”
In the mean time of the town of Marana is working to attract several rental developments in the area.
“The goal is to have the diverse options for people because not everybody wants to deal with a big yard and maintenance,” Jason Angel, Development Services Director for the town of Marana said. “Some people just want that town home or smaller attached unit.”