SCOTTSDALE, AZ (3TV / CBS5) – Scottsdale’s grandmother Theresa Yoakum loves where she lives, but her family can’t afford to stay. Yoakum has just learned from his apartment complex that their rent is going up by almost $ 700.
“How can we afford this monthly payment?” Yoakum asked. “It’s just amazing to see the dollar figure.”
Right now, the 3-bedroom, 2-bathroom luxury apartment at San Portales in Scottsdale is costing the family $ 2,476 per month. If they sign a new 12 month lease, it goes up to $ 3,158. A 6-month lease costs them $ 3,412.
âI understand that there is going to be an increase,â Yoakum said. “I saw $ 50, maybe $ 100, but $ 800 a month?” Where does that put tenants who cannot afford it? We have to look for something else, we have to go elsewhere.
The Yoakums are among the thousands of tenants in the Phoenix metro area who are hit with severe sticker shock when it’s time to renew their lease. Strong housing demand has driven up house prices and created a crisis in the rental market, where affordable housing is almost impossible.
Pete Tuccio, of Apartment and Home Solutions, said it breaks his heart when tenants call for help and there is nothing he can do for them. â$ 300 to $ 500 in rent is a shock to people trying to make ends meet,â Tuccio said. “Most of them can’t stay, and there’s really no other option for them because the prices in all areas are really, really high.”
The manager of the San Portalas apartments sent this statement, which read in part:
Although we are a luxury apartment community in one of the most desirable locations – North Scottsdale – our rates remain below market value, or lower than our competitors in this area. Market rates are influenced by market, availability and location. Any resident having difficulty meeting their rental obligations is encouraged to speak to their community manager. We have a number of programs in place to help our valued community members maintain the stability of their homes.
Yoakum hopes his family can find affordable housing before their lease expires on November 14. âTime is running out for us, so we are actively looking,â Yoakum said.