Chandler is No. 1 nationally for increase in 2-bedroom rent, according to report
May 18, 2022, 4:45 AM
(Pexels Photo)
(Pexels Photo)
PHOENIX — Chandler is tops nationally for increase in two-bedroom rent, according to a report released Friday.
Average two-bedroom prices in the East Valley city jumped 68% year-over-year to $2,900 in April, according to figures from Rent.com.
Chandler was the only Arizona city on the list in the top 10 and beat out other cities where rent grew, including Miami (59%), Portland (52%), Austin (50%) and Philadelphia (48%).
Brian Carberry, senior managing editor for Rent.com, told KTAR News 92.3 FM’s Arizona’s Morning News on Tuesday that Chandler’s rent rise was likely due to higher demand than other metro Phoenix cities, especially in the East Valley.
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“It is a surprising number in a surprising jump … it just points to a lot of the demand in certain areas,” Carberry said.
Scottsdale, which had been the most expensive Valley city for two-bedroom rents, saw the fifth-largest decrease nationally. The average two-bedroom rent is down to $2,767.
Gilbert ($2,387), Mesa ($1,778), Tempe ($1,765) and Phoenix ($1,754) were the other Valley cities to make the list for two-bedroom rent.
Carberry doesn’t anticipate a lot of stability in the rental market the rest of the year, so average prices could change quickly.
“In the Phoenix area especially we are seeing a lot of construction … a lot of new things coming available,” Carberry said. “So I do expect you are going to see a lot of these prices be very volatile over the next few months.”
