Scottsdale tenant hit by $826 rent increase
SCOTTSDALE, AZ (3TV/CBS 5) — Zazu Moloi loves where he lives, in a nice Scottsdale apartment complex with a great view. “It’s just nice to be in the old town,” Moloi said, “to be close to all my friends, most of my family, enjoying the nice weather.”
The professional photographer would like to stay at the Griffin Apartments off Scottsdale and Osborn Roads, but is now looking for a new place to live as his rent is going up. Moloi just got a notice that the lease on his two-bedroom loft is ending in mid-July and if he wants to renew, it will cost him $3,203 for a 13-month lease. That’s $826 more than he’s paying now. “He looks extremely greedy,” Moloi said. “It seems like nothing but greed. The only reason I can see them trying to raise rents by more than 20% and 34% in my case is to try to get current tenants to be overpriced.”
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At least two other tenants are facing similar increases, but the sky-high rent hikes aren’t limited to this apartment complex. Arizona’s Family has been inundated with emails from viewers across the Valley over the past few months, all discussing drastic rent increases.
David Leibowitz is a spokesperson for the Arizona Multi-Housing Association. He said it was all about supply and demand, with the lack of affordable housing in the Valley driving up the price of each rental unit. The cost of doing business is also a factor. “Inflation hits everyone,” Leibowitz said. “Wage bills are on the rise. Property taxes are on the rise. Insurance costs are rising, the cost of gasoline is rising, so struggling businesses often have no choice but to pass the costs on to their consumers. It is a very sad reality. Moloi said he would understand if the rent went up $200 or $300, but $800 seems wrong.
HighMark Residential is the management company for Griffin Apartments. They released this statement: “Nationally, the housing industry saw similar increases to commodities, groceries and gasoline. Our prices are commensurate with similar product types in the specific markets in which we operate. »
“I just don’t see where people can find that extra money,” Moloi said. “I can’t imagine the person who has a family, and now they have no options.” Leasing experts suggest avoiding a month-to-month lease and having tenants sign a lease for as long as possible to lock in a rate.
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