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Rent prices expected to rise in Phoenix area

The cost of rent in the Valley rose in 2014 and that’s not expected to change when the calendar does.

According to Arizona State’s W.P. Carey School of Business, rent was up 5.7 percent in the Phoenix area last year.

This trend comes while the housing market is relatively flat, with home prices down 2 percent and leases being signed doubly as commonly as home sales last month. (A recent forecast of housing market trends seems to indicate a change on the horizon for Phoenix.)

Information in a Phoenix Business Journal story shows that apartment construction isn’t slowing, with construction projects on more than 8,000 apartments being recently completed or approaching completion.