RentCafe: Phoenix apartment rent prices continue to rise
Jun 9, 2018, 1:59 PM | Updated: Jun 21, 2018, 2:17 pm
(AP Photo/Rich Pedroncelli)
(AP Photo/Rich Pedroncelli)
PHOENIX — The temperature outside isn’t the only thing on the rise in the Valley.
Phoenix residents looking at moving into an apartment may need to start saving a little more cash.
According to RentCafe and Yardi Matrix, Phoenix ranks in the top five in terms of the fastest-rising rents for cities in the country, with rent increases of 4.4 percent from last year.
Maricopa County bringing in corporate headquarters, snowbirds trying to avoid high taxation and a low cost of living are all factors in to why rent prices are on the rise, director of business intelligence with Yardi Matrix Doug Ressler told the Phoenix Business Journal.
According to RentCafe, the average rent in Phoenix during the month of May was $967, a 0.4 increase from April.
Looking at the country as a whole, rent prices in May averaged $1,381 a month, a two percent increase.
With 2019 around the corner, Ressler believes there will be at least 16,000 new apartment units finished and ready to rent.
Among the cities in the Phoenix-area, Buckeye and Apache Junction were considered the fastest-growing market segments.
