PHOENIX – A Phoenix Police K-9 took down a man who was seen on a video riding his bike around a parking lot and aiming a gun at people.
Authorities got reports of the unfolding incident around 6 p.m. on Oct. 18 in a convenience store’s parking lot near 27th and Dunlap avenues.
When officers arrived, the victims told them what the suspect looked like and as more officers were on the way, they spotted someone who matched his description. They told him to stop, but he ran off.
“Officers were able to keep the man contained in an area. Officers and the Air Unit attempted to communicate with the man to give up peacefully, but he did not respond. Officers used less-lethal tools to encourage the man to comply. Officers used a K-9 to remove the man out of a confined area and to separate him from the firearm,” says Phoenix Police Sgt. Melissa Soliz.
He was detained and given medical aid.
No one was injured by the suspect, police say, but they wanted to pursue charges for having a gun pointed at them.
The suspect was taken to the hospital and is going to be OK. As for the gun seen in the video, police say it was found at the scene and didn’t detail if the gun was actually loaded.
Once the suspect is released from the hospital, he’ll be booked into jail. For now, he hasn’t been identified.
In a video a witness took, you can see the suspect riding around the parking lot in circles. At a point, a car drove near the man and witnesses told the driver to back up and get away from him.
The suspect claimed there was someone hiding in a cooler at the store.
We have already discussed above the latest housing market report for the Phoenix area. It’s still a seller’s real estate market in Phoenix. In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero. In terms of months of supply, Phoenix can become a buyer’s real estate market if the supply increases to more than five months of inventory. Hence, Phoenix’s real estate market remains strong and skewed to sellers, due to a persistent imbalance in supply and demand.
Phoenix Real Estate Investment: Should You Invest in Phoenix?
Should you consider Phoenix real estate investment? Many real estate investors have asked themselves if buying a property in Phoenix is a good investment. You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2023. If you are looking to make a profit, you don’t want to buy the most expensive property on the Phoenix real estate market and expect to make a good profit on rents.
Perhaps you are looking for a slightly different hold-over, an investment property in Phoenix that you might move into or sell at retirement in the future. Either way, knowing your profit potential and purpose is the first thing to consider. Let’s take a look at the number of positive things going on in the Phoenix real estate market which can help investors who are keen to buy an investment property in this city. We’ll address the biggest factor pulling people to the Phoenix housing market next.
Relatively Affordable Real Estate Market
While California and Florida are seen as hot real estate markets, one of the major attractions of the Phoenix real estate market is affordable real estate. During 2018 and 2019, Arizona was one of the top three states in the nation for population growth. Only Texas and Florida outpaced it, in terms of year-over-year growth. Population growth is particularly high within the Phoenix metro area. Homes in the Phoenix housing market are approaching the 2006 record. Home-price appreciation appears to be slowing a bit in the Phoenix area and most experts agree that prices will continue to climb for the foreseeable future.
According to the U.S. Census Bureau data, the population of the city of Phoenix rose by nearly 15% from 2010 to 2019. That’s well above the nation’s growth rate for that same timeframe. Population growth increases the demand for housing on both the purchase and rental sides. With all other things being equal, steady population growth tends to put upward pressure on home prices. The median home’s value has crossed $300,000 but that’s still cheaper than a starter home in coastal California. Don’t forget that the large retiree market means there is strong demand for one and two-bedroom houses and condos here, and those units are a fraction of the cost of a three-bedroom home.
High Rate of Appreciation Due To Short Supply
Although Phoenix has experienced consistent population growth, the housing market has not grown at the same rate. An Up for Growth study found that between 2000 and 2015 Arizona underproduced 505,134 housing units. This underproduction has caused a housing shortage in Phoenix. For example, in the last 30 years Phoenix produced approximately 220,000 new housing units, however, the population has grown by 820,000 people. Phoenix’s housing production has not kept pace with population growth.
This underproduction was magnified when construction virtually shut down during the recession of 2008. Since that time, construction has slowly increased but has not reached the level of production achieved before the recession. The current shortages of housing supply, relative to demand, are a primary reason housing costs are increasing. A significant increase in housing supply is necessary to keep pace with current and projected housing demand.
Highest Appreciating Phoenix Neighborhoods Since 2000 (List by Neighborhoodscout)
- Central City North
- Kenwood / Whites
- Roadrunner Park / Sleepy Hollow Trailer Village
- W Fremont Rd / S 15th Ln
- Papago Peaks Village / Parkview Village Park
- Villa Verde / Encanto Estates
- Lafamilia East
- Green Acres Park
The Growing Phoenix Rental Market
There is always going to be high tenant turnover in student housing markets. The presence of universities also influences local home prices and rents. The capital of any state will be home to its flagship university, and Phoenix is no exception. Phoenix is so large that it doesn’t just host the flagship Arizona State University campus in Tempe.
There are secondary campuses in downtown Phoenix, northwest Phoenix, and neighboring Glendale. These schools alone have more than seventy thousand students. The Arizona Summit Law School, Grand Canyon University, and several others are located here. There are easily 100,000 college students renting in the Phoenix housing market. You could invest in large single-family homes or multi-unit buildings to rent to students at any of these campuses.
Phoenix Rental Trends: 36% of the households in Phoenix are renter-occupied while 64% are owner-occupied. The rents are rising and it makes sense to keep your home and rent it out. In some neighborhoods, the average rental home may rent well over $2,500 a month.
As of October 19, 2022, the average rent for a 1-bedroom apartment in Phoenix, AZ is currently $1,368. This is a 7% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Phoenix decreased by -3% to $1,188. The average rent for a 1-bedroom apartment decreased by -5% to $1,368, and the average rent for a 2-bedroom apartment remained flat.
- Two-bedroom apartment rents average $1,695 (a 6% increase from last year).
- Three-bedroom apartment rents average $2,240 (a 4% increase from last year).
- Four-bedroom apartment rents average $2,500 (a 4% increase from last year).
The “Zumper Phoenix Metro Area Report” analyzed active listings last month across 14 metro cities to show the most and least expensive cities and cities with the fastest growing rents. The Arizona one bedroom median rent was $1,397 last month. Scottsdale was the most expensive city with one bedrooms priced at $1,920 whereas Bullhead City ranked as the most affordable city with one bedrooms priced at $980.
The best place to buy rental property is about finding growing markets. Cities like Surprise and Glendale are good for investors looking to get started with rental property ownership at an affordable price. These trends provide a macro look at the growing rental demand. Each real estate market has its own unique supply-demand dynamics with unique neighborhoods that present their own opportunities for investors.
These cities look good for rental property investment this year as rents are growing over there.
The Fastest Growing Cities For Rents in Phoenix Metro Area (Y/Y%)
- Bullhead City had the fastest growing rent, up 30.7% since this time last year.
- Prescott saw rent climb 25.8%, making it second.
- Flagstaff was third with rent jumping 22.1%.
The Fastest Growing Cities For Rents in Phoenix Metro Area (M/M%)
- Prescott rent had the largest monthly growth rate, up 6.3%.
- Chandler was second with rent jumping 5.1%.
- Surprise saw rent climb 1.3%, making it third.