The COVID-19 pandemic is leaving a wake of negative impacts across society. From schools closing, to businesses shutting down to the wearing of masks in all public places; the negative effects of this virus are easy to spot. Across the country people are learning to navigate the “new normal,” and many are taking the opportunity to move in Arizona thanks to attractive lease terms, massive cash incentives and the ability to take virtual tours from the comfort of their own home.
The US rental market has remained consistently active despite COVID-19. When RentCafé (an apartment-search website) did a survey of 9,000 renters, it reported an increase of 62% in the percentage of renters willing to move as soon as they found a new apartment while renters willing to renew their leases decreased 11 percent. According to apartment-listing platform Zumper, the four most expensive cities — San Francisco, New York, Boston and San Jose — all saw rents on median one-bedroom apartments decline from a year ago. According to a report from brokerage firm Douglas Elliman and appraiser Miller SamuelI, Manhattan rents on the most expensive apartments are falling fastest — down 10% from just a couple months ago. In Arizona, big apartment properties, such as Azul by Mark-Taylor, are offering move-in credits when you take a virtual tour.
Many experts are referring to the recent drop in apartment prices as “pandemic pricing.” Landlords in major US cities are lowering rental prices in reaction to economic fallout from coronavirus. Many tenants lost their jobs and had to leave their apartments behind which has created extra supply in many cities. People are also turning their backs on cramped big cities and opting for smaller towns and rural areas instead. As more apartments become available, owners have been forced to reduce their rents, increase move-in incentives and offer much more flexible lease terms in order to increase interest. And with the proliferation of virtual tours, prospective tenants are able to tour properties from their own couch; making it easier than ever to compare prices and amenities and negotiate the best deal.
Not ready to commit to moving in Arizona, but struggling to pay the rent? Many landlords are willing to negotiate with you. The sooner you contact your landlord to find a solution, the better. In addition, Arizona Governor Doug Ducey just signed an Executive Order extending a moratorium on residential evictions until October 31, 2020. This Order provides continued protections for renters facing economic hardship as a result of COVID-19.
