April Phoenix Rents Report Shows 16 Straight Months Of Rent Increases

0

Phoenix rents have increased 0.5% over the past month, and have increased moderately by 3.7% in comparison to the same time last year, according to the latest report from Apartment List.

Currently, median rents in Phoenix stand at $860 for a one-bedroom apartment and $1,070 for a two-bedroom.

The city’s rents have been increasing for 16 straight months – the last time rents declined was in November 2017. Phoenix’s year-over-year rent growth leads the state average of 3.1%, as well as the national average of 1.3%.

East Valley Rents Report

April Phoenix Rents Report Shows 16 Straight Months Of Rent Increases

Throughout the past year, rent increases have been occurring not just in the city of Phoenix, but across the entire metro.

Of the largest 10 cities that Apartment List has data for in the Phoenix metro, all of them have seen prices rise.

Chandler has seen fastest rent growth in Phoenix metro

Chandler has seen fastest rent growth in Phoenix metro

Chandler rents have increased 0.2% over the past month, and are up sharply by 6.0% in comparison to the same time last year.

Currently, median rents in Chandler stand at $1,120 for a one-bedroom apartment and $1,390 for a two-bedroom. This is the second straight month that the city has seen rent increases after a decline in January. Chandler’s year-over-year rent growth leads the state average of 3.1%, as well as the national average of 1.3%.

Gilbert rents decline slightly

In Gilbert,  rents have declined 0.9% over the past month, but have increased moderately by 3.4% in comparison to the same time last year. Gilbert is still the most expensive city for rents.

Currently, median rents in Gilbert stand at $1,160 for a one-bedroom apartment and $1,440 for a two-bedroom. This is the third straight month that the city has seen rent decreases after an increase in December of last year. Gilbert’s year-over-year rent growth leads the state average of 3.1%, as well as the national average of 1.3%.

Mesa rents continue upward trend

Mesa rents have increased 0.6% over the past month, and have increased moderately by 3.7% in comparison to the same time last year.

Currently, median rents in Mesa stand at $880 for a one-bedroom apartment and $1,100 for a two-bedroom. The city’s rents have been increasing for 16 straight months – the last time rents declined was in November 2017. Mesa’s year-over-year rent growth leads the state average of 3.1%, as well as the national average of 1.3%.

Scottsdale rents continue climbing for 16 straight months

Scottsdale rents have increased 0.3% over the past month, and are up moderately by 3.7% in comparison to the same time last year.

Currently, median rents in Scottsdale stand at $1,070 for a one-bedroom apartment and $1,330 for a two-bedroom.

The city’s rents have been increasing for 16 straight months – the last time rents declined was in November 2017. Scottsdale’s year-over-year rent growth leads the state average of 3.1%, as well as the national average of 1.3%.

Tempe rents up 4 percent over same time last year

Tempe rents have increased 0.8% over the past month, and have increased significantly by 4.0% in comparison to the same time last year.

Currently, median rents in Tempe stand at $950 for a one-bedroom apartment and $1,180 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in December of last year. Tempe’s year-over-year rent growth leads the state average of 3.1%, as well as the national average of 1.3%

West Valley Rents Report

Glendale rents

Glendale rents have increased 0.5% over the past month, and have increased moderately by 3.1% in comparison to the same time last year.

Currently, median rents in Glendale stand at $910 for a one-bedroom apartment and $1,140 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in December of last year. Glendale’s year-over-year rent growth is on par with the state average of 3.1%, but exceeds the national average of 1.3%.

Peoria rents up moderately compared to last year

Peoria rents have increased 0.4% over the past month, and are up moderately by 3.7% in comparison to the same time last year.

Currently, median rents in Peoria stand at $1,140 for a one-bedroom apartment and $1,420 for a two-bedroom. The city’s rents have been increasing for 16 straight months – the last time rents declined was in November 2017. Peoria’s year-over-year rent growth leads the state average of 3.1%, as well as the national average of 1.3%.

Avondale rents lag state average

Avondale rents have increased 0.2% over the past month, and have increased slightly by 1.4% in comparison to the same time last year.

Currently, median rents in Avondale stand at $990 for a one-bedroom apartment and $1,230 for a two-bedroom. This is the second straight month that the city has seen rent increases after a decline in January. Avondale’s year-over-year rent growth lags the state average of 3.1%, but exceeds the national average of 1.3%.

Tucson rents increase for 33 straight months

Tucson rents in April 2019

Tucson rents have increased 0.2% over the past month, and have increased slightly by 1.4% in comparison to the same time last year.

Currently, median rents in Tucson stand at $710 for a one-bedroom apartment and $940 for a two-bedroom. The city’s rents have been increasing for 33 straight months – the last time rents declined was in June 2016.

Tucson’s year-over-year rent growth lags the state average of 3.1%, but exceeds the national average of 1.3%.

Phoenix rents still more affordable than many cities

Phoenix rents still affordable

As rents have increased moderately in Phoenix, a few similar cities nationwide have also seen rents grow modestly. Phoenix is still more affordable than most comparable cities across the country.

  • Rents increased slightly in other cities across the state, with Arizona as a whole logging rent growth of 3.1% over the past year. For example, rents have grown by 1.4% in Tucson.
  • Phoenix’s median two-bedroom rent of $1,070 is below the national average of $1,170. Nationwide, rents have grown by 1.3% over the past year compared to the 3.7% increase in Phoenix.
  • While Phoenix’s rents rose moderately over the past year, many cities nationwide also saw increases, including Las Vegas (+2.9%), San Antonio (+2.2%), and Denver (+2.0%).
  • Renters will find more reasonable prices in Phoenix than most other large cities. For example, San Francisco has a median 2BR rent of $3,110, which is more than two-and-a-half times the price in Phoenix.

Methodology

Data from private listing sites, including our own, tends to skew towards luxury apartments, introducing sample bias. In order to address these limitations and provide the most accurate rent estimates available, we now start with reliable median rent statistics from the Census Bureau, then extrapolate forward based on our own rental listing data, using a same-unit analysis similar to Case-Shiller’s approach, which compares only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Apartment List

Apartment List is a growing online apartment rental marketplace on a mission to make finding a home an easy and delightful process.

 

Share.

About Author

By The Editors

Comments are closed.