Phoenix has fastest-growing rents in the country
PHOENIX — The temperatures aren’t the only things rising in the Valley this summer.
Phoenix had the fastest-growing rents in the nation during the second quarter of 2019, according to HotPads’ latest quarterly rent report of the nation’s 50 largest metro areas.
Phoenix’s median rent was $1,545 per month, a 6.9% increase from the same time in 2018.
The increase was even steeper when looking only at one-bedroom apartments.
The median rent for a one-bedroom apartment was $1,170, up 7.9% from a year ago.
The heavy increase could be due in part to the time of year. HotPads, which is owned by Zillow Group, said rent prices typically peak in the late spring and early summer.
Even so, renters in Phoenix are paying about the national average.
The national median rent was exactly the same as Phoenix’s at $1,545 but only saw 3.2% growth from last year.
Several other western cities saw fast-growing rent, including Las Vegas (6.8%), Riverside, California (5.8%) and Salt Lake City (4.7%).