The Startling Rise in Arizona Rentals Costs

Experts have guidelines on how much you should spend on monthly housing costs. CNBC says, "The most common rule of thumb to determine how much you can afford to spend [on housing]...it should be no more than 30% of your gross monthly income."

The gross monthly income is your pay before taxes and other deductions are taken out of your paycheck. You might have been right in that sweet spot if you secured housing before the pandemic. Over the last few years, Arizona renters have faced significant hikes in rental costs.

READ: Another Arizona Fast Food Chain Just Raised Its Prices

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How Much Has Rent Increased in Arizona Over the Last Year?

During the height of the pandemic, many renters benefited from laws protecting them from eviction if they couldn't make rent.

Landlords couldn't legally kick tenants out of homes or apartments if they couldn't pay their monthly rent, and federal rental assistance helped make up the difference. That reprieve was temporary, and the cost of rent has skyrocketed across the board.

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Rental prices have jumped dramatically in the last year, surging up about 15%. The Phoenix and Tucson areas have been hit even harder than outlying areas because housing demands are higher in those cities.

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The Arizona Income Disparity

While housing costs have risen dramatically, our income bottom line has not. Some Arizona workers have seen a small wage bump, but only about 3% on average. This isn't nearly enough to keep pace with the rising cost of rent and the rest of the prices that have exploded recently.

READ: Price Gouging in Arizona? Walmart Faces A Class Action Lawsuit

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It's becoming more difficult for Arizona families to make ends meet. Some landlords do their best to work with renters, offering flexible payment options or temporarily reducing rent, but that option isn't open to all, and some have no choice but to evict tenants who can't make rent.

There's no one cause of this complex issue. The Arizona Department of Economic Security can help direct renters and landlords toward rental assistance and other solutions for those who qualify.

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If you're struggling to pay rent, it might be time to pick up the phone and talk to your landlord before things become dire. Good communication between renters and landlords could help stop problems before they start.

It Costs HOW MUCH? 11 Things That Are Suddenly Too Expensive in Arizona

From products we use every day to services we've come to rely on, inflation is making everything too expensive in Arizona and around the country.

Arizonans are making do where they can, crossing off things they can't afford, and settling for less whenever possible. There are some things we just can't do without.

How many have you crossed off your list?

Gallery Credit: Val Davidson/TSM