Metro Phoenix saw some of nation’s biggest rent surges in 2018
PHOENIX – Metro Phoenix saw some of the largest rent surges in the United States in 2018.
Led by Peoria at fourth overall, five Valley cities were among the top 15 in rent increases last year, according to data from Yardi Matrix compiled by apartment rental website RentCafe.
Apartment prices in Peoria shot up 9.7 percent to $1,137.
The West Valley suburb trailed only Odessa, Texas (21.8 percent), Midland, Texas (21.4 percent) and Reno, Nevada (10.2 percent).
Phoenix came in 15th overall and second among the country’s 20 largest cities.
The average cost of an apartment in Arizona’s most populous city went up 7.7 percent to $1,011.
Las Vegas, at 7.9 percent, was the only major city with a bigger increase.
The suburbs of Chandler (8.3 percent), Mesa (8.3 percent) and Glendale (8.1 percent) all saw larger jumps than Phoenix.
Scottsdale was Arizona’s priciest city for rent in 2018 at $1,433, an increase of 7.5 percent from the previous year.
But that was a bargain compared to the country’s most expensive city, Manhattan, where rent averaged $4,200.
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