To rent or own: Are apartments the answer?

More apartments will be available in Maricopa this year.

Oasis at the Wells started the ball rolling when it opened in 2021, offering 120 units.

This year, that number has increased six-fold with Copa Flats adding 312 new units and Flatz 520 adding another 342 apartments.

Soon, Home@Maricopa’s opening will add another 536 units, bringing Maricopa’s apartment total to 1,310.

The prices for these units vary. Oasis at the Wells and Copa Flats are both income-restricted, meaning a married couple would have to make less than $42,420 to qualify. The rates top out at $61,500 for a 6-person household.

Flatz 520 may give the most accurate picture of what apartment rates are going to be in Maricopa without income restrictions. A 3-bedroom, 2-bathroom unit with 1,102 square feet will run $1,999 per month, with each pet requiring an additional $40 per month.

There are better rental deals out there to be had, however. As of mid-May, there were 36 single-family houses for rent in Maricopa for $2,000 or less, all with more square feet than the largest apartment being built.

Keep in mind the houses are mostly prior rentals with some wear-and-tear, compared to an apartment just built with everything brand new. Yet over time the supply of apartments will increase and the newness will wear off, and I expect the rental prices will come down, too.

So, rent or buy?

There are still a few homes available to buy under $300,000 in Maricopa that you can own for almost the same amount of money as renting. A $300,000 house with 5% down and an interest rate of 6.5% would have a monthly payment of $1,801 for principal and interest. HOA, taxes, and insurance would also be due on top of that, and most likely mortgage insurance as well.

Although your monthly costs will be similar to renting, after a few years of making payments, and with some appreciation you’ll start to generate equity.

It comes down to your personal situation. If you know your time in Maricopa is going to be limited, maybe renting is the smarter choice. Even if you are ready to buy, a rental might still be a good option while you learn more about the area, neighborhoods and schools.

 

Dayv Morgan is a Maricopa Realtor and owner of HomeSmart Success.

This sponsored content was previously published in the June issue of InMaricopa Magazine.