More Arizonans renting means less apartments available. It also means increases in rent, as the demand for places to lives gets higher.
Phoenix Business Journal reports how new data shows apartment vacancies across Phoenix are at their lowest. Colliers International real estate firm’s report also states that apartment rents are at a record high, after a major increase in the first quarter.
Colliers says vacancy rates are at 5.7 percent, down from 13 percent in 2009. Renters moved into 2,800 units during the quarter, which is a 15 percent increase.
Rent increased 2.2 percent Valleywide with an average of $837 per month. In the Valley, 6,200 apartments were rented, according to Colliers data.