In response to demand for new rental housing in the Metro Phoenix area, developers completed construction on a record number of units in 2017. Unfortunately, about 87 percent of those new rental complexes are luxury apartments, priced at $1,500 per month and higher, according to a new survey from RENTCafe.
Demand for affordable rentals in the Valley isn’t being met by the city’s apartment construction boom. In fact, RENTCafe—that Metro Phoenix ranks in the top one-third of U.S. cities for the most luxury apartment construction in recent years.
Apartment rent increases in the Valley have slowed down slightly in 2018 due to more competition from the new complexes. But the average rent for a two-bedroom apartment in Phoenix still climbed 2.6 percent over the past year—almost three times the national average increase, according to national research data from ApartmentList.
Apartment rents in the Valley climbed rapidly at both new complexes and older ones over the past few years. Below is a list of median rents for two-bedroom apartments in Metro
Phoenix area cities and their rent increases over the past year: Valley rents by city
- Avondale: $1,220, up 1.4 percent
- Chandler: $1,360, up 3.9 percent
- Gilbert: $1,420, up almost 3.5 percent
- Glendale: $1,130, up 3 percent
- Mesa: $1,080, up 2.7 percent
- Peoria: $1,400, up 4.2 percent
- Phoenix: $1,050, up 2.6 percent
- Scottsdale: $1,300, up 2.6 percent
- Surprise: $1,360, up 1 percent
- Tempe: $1,160, up 3.5 percennt New apartment rentals in Phoenix