Phoenix apartment rent prices rise for the 7th consecutive month

Phoenix apartment rent prices rise for the seventh straight month

Rent prices in Phoenix and across the metro area are on the rise, according to a new report from Apartment List, a San Francisco-based platform that connects renters with apartment listings through an online marketplace.

Rents in Phoenix increased 0.3 percent during the past month and 2.3 percent year-over-year, surpassing the national average year-over-year increase of 1.4 percent. The median price for a two-bedroom rental in Phoenix is $1,040, which is below the national average of $1,180.

Graphic source: Phoenix Business Journal

 

Rentals in the Phoenix suburb of Gilbert rose 7 percent over the past year, the fastest-rising rental rates in the Valley.  The median rent for a two-bedroom apartment in Gilbert is $1,450.

Of the 10 cities analyzed, only Surprise experienced a rent decrease, a 0.8 percent decline bringing the median cost for a two-bedroom to $1,330.

According to Apartment List, renters will still find more reasonably priced rentals in Phoenix than other comparable cities across the U.S. 

Apartment List uses median rent statistics from the Census Bureau and the agency’s own rental listing data compile its monthly report and,  based on its own rental listing data, compares units available across both time periods to provide an accurate account of rent growth.

Apartment List housing economist Chris Salviati told the Phoenix Business Journal that the city’s strong local economy and rapid population growth in recent years have prompted an increase in construction for new rental housing and investors are buying up rental properties throughout the metro area.

According to Salvati, the area’s relative rental housing affordability may be drawing renters from other parts of the country.

 Phoenix apartment rent prices

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