ARIZONA NEWS

Rent war: Downtown Phoenix outpacing Scottsdale in rent prices

Jul 31, 2015, 3:53 PM

Phoenix is giving Scottsdale a run for its money in the rent price department.

With recent rent jumps in central and downtown Phoenix, a new report suggested asking rates in those areas are now the most expensive in the Valley.

Colliers International said the asking rental rate in downtown and central Phoenix was $1,256 per month in the second quarter, according to The Phoenix Business Journal, representing a 12.2 percent jump from 2014.

Colliers said it’s the most expensive rental Valleywide, despite rents in the Camelback area jumping 14.4 percent from last year.

Rents in Old Town and South Scottsdale, meantime, average $1,051 per month — up 7 percent  — while North Scottsdale appear to be averaging $1,073 per month.

With a shortage of inventory in the housing market for buyers seeking homes under the $250,000 price point, many would-be buyers are continuing to rent.

The growth of downtown Phoenix, with the presence of the light rail transit system, Arizona State University’s campus and new apartment complexes, has become more attractive to those who enjoy the imprint of urban living.

For those looking to save, Colliers said Glendale has the least expensive rent, averaging $650 a month. The Maryvale and Metrocenter areas were close behind with averages of $661 and $665.

Join Realtor Diane Brennan for That Real Estate Show Sundays at 8 a.m. on KTAR News 92.3 FM.

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Rent war: Downtown Phoenix outpacing Scottsdale in rent prices