In this hot and crazy real estate market, the rental population has really been hurt. Many renters have been ousted right out of their home. Some renters have lived in their home 5 to 10 years and are finding not only that rental prices have increased but also that there are very few rentals available. Many landlords are selling their homes right now as equity hits an all time high. Owners that bought a home between 2009 and 2015 could have as much as a 400% increase in value or more. Landlords selling their homes is contributing to the rental shortage.
The first Maricopa apartments behind Walmart have not opened yet, but are officially full. There is a wait list even of several hundred people. More apartments are coming, and are needed, in order to fill the rental demand in Maricopa.
There is a new breed of rentals popping up all over the valley and Maricopa is expecting a development or two to start as early as 2022. These are built-to-rent communities. These are communities specially designed for renters consisting of individual homes with small backyards or patios and are managed more like new apartment buildings with designated staff for repairs and maintenance.
Currently there is a 208-unit gated rental community approved in the Tortosa area of Maricopa called Honeycutt Run. Planned amenities including a clubhouse with fitness center, community pool and spa, event lawn and central grilling area, cabanas and shade structures and about 20 electric charging stations for electric vehicles. There are two other single family home rental subdivisions in the works that should be shovel ready early 2022. One is near Bowlin and John Wayne Parkway and the other is near Bowlin and Porter. This type of rental property will be attractive not only to the first time renter but also the senior that wants little repair and can easily lock and leave with minimal obligation.
We have a slightly higher inventory for sales right now. There are currently 63 single family dwellings for sale in an HOA subdivision in Maricopa. The lowest priced home is $265,000 in the Rancho El Dorado subdivision and the highest priced home is $588,800 in the Province subdivision of Maricopa.