January 2019 Phoenix Metro Rent Report Shows Rents Continue Rising

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The Phoenix metro rent report for January shows rents continue to rise across the valley, with a couple of exceptions as Gilbert continues to lead with most expensive rents, according to Apartment List.

Phoenix rents increased slightly over the past month

Phoenix rents have increased 0.2% over the past month, and are up moderately by 3.3% in comparison to the same time last year, according to Apartment List.

Currently, median rents in Phoenix stand at $850 for a one-bedroom apartment and $1,060 for a two-bedroom. The city’s rents have been increasing for 13 straight months – the last time rents declined was in November of last year.

Phoenix’s year-over-year rent growth leads the state average of 2.9%, as well as the national average of 0.9%.

Rents rising across the Phoenix Metro

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 we have data for in the Phoenix metro, 9 of them have seen prices rise. Here’s a look at how rents compare across some of the largest cities in the metro.

  • Gilbert has the most expensive rents in the Phoenix metro, with a two-bedroom median of $1,470; the city has also seen rent growth of 0.9% over the past month, the fastest in the metro.
  • Over the past year, Surprise is the only city in the metro that has seen rents fall, with a decline of 0.4%. Median two-bedrooms there cost $1,330, while one-bedrooms go for $1,070.
  • Phoenix proper has the least expensive rents in the Phoenix metro, with a two-bedroom median of $1,060; rents grew 0.2% over the past month and 3.3% over the past year.

Gilbert rents increase sharply over the past month

Gilbert rents have increased 0.9% over the past month, and have increased significantly by 4.5% in comparison to the same time last year.

Currently, median rents in Gilbert stand at $1,180 for a one-bedroom apartment and $1,470 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in September. Gilbert’s year-over-year rent growth leads the state average of 2.9%, as well as the national average of 0.9%.

January 2019 Phoenix Metro Rent Report Shows Rents Continue Rising

Scottsdale rents increased significantly over the past month

Scottsdale rents have increased 0.4% over the past month, and are up significantly by 4.1% in comparison to the same time last year.

Currently, median rents in Scottsdale stand at $1,060 for a one-bedroom apartment and $1,320 for a two-bedroom. The city’s rents have been increasing for 13 straight months – the last time rents declined was in November of last year. Scottsdale’s year-over-year rent growth leads the state average of 2.9%, as well as the national average of 0.9%.

Mesa rents increased over the past month

Mesa rents have increased 0.1% over the past month, and have increased moderately by 3.2% in comparison to the same time last year.

Currently, median rents in Mesa stand at $870 for a one-bedroom apartment and $1,080 for a two-bedroom. Mesa’s year-over-year rent growth leads the state average of 2.9%, as well as the national average of 0.9%.

Chandler rents increase sharply over the past month

Chandler rents have increased 0.7% over the past month, and have increased significantly by 5.4% in comparison to the same time last year.

Currently, median rents in Chandler stand at $1,110 for a one-bedroom apartment and $1,390 for a two-bedroom. This is the tenth straight month that the city has seen rent increases after a decline in February. Chandler’s year-over-year rent growth leads the state average of 2.9%, as well as the national average of 0.9%.

Tempe rent trends were flat over the past month

Tempe rents have remained flat over the past month, however, they have increased moderately by 3.3% year-over-year.

Currently, median rents in Tempe stand at $930 for a one-bedroom apartment and $1,160 for a two-bedroom. Tempe’s year-over-year rent growth leads the state average of 2.9%, as well as the national average of 0.9%.

January 2019 Phoenix Metro Rent Report Shows Rents Continue Rising

Glendale rents declined over the past month

Glendale rents have declined 0.1% over the past month, but are up moderately by 3.5% in comparison to the same time last year.

Currently, median rents in Glendale stand at $910 for a one-bedroom apartment and $1,130 for a two-bedroom. Glendale’s year-over-year rent growth leads the state average of 2.9%, as well as the national average of 0.9%.

Peoria rent trends were flat over the past month

Peoria rents have increased 0.1% over the past month, and have increased significantly by 5.2% in comparison to the same time last year.

Currently, median rents in Peoria stand at $1,130 for a one-bedroom apartment and $1,410 for a two-bedroom. Peoria’s year-over-year rent growth leads the state average of 2.9%, as well as the national average of 0.9%.

Tucson rents increased over the past month

Tucson rents have increased 0.1% over the past month, and are up slightly by 1.2% in comparison to the same time last year. Currently, median rents in Tucson stand at $700 for a one-bedroom apartment and $930 for a two-bedroom. Tucson’s year-over-year rent growth lags the state average of 2.9%, but exceeds the national average of 0.9%.

Phoenix rents more affordable than many comparable cities nationwide

January 2019 Phoenix Metro Rent Report Shows Rents Continue Rising

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

  • Rents increased slightly in other cities across the state, with Arizona as a whole logging rent growth of 2.9% over the past year. For example, rents have grown by 1.2% in Tucson.
  • Phoenix’s median two-bedroom rent of $1,060 is below the national average of $1,180. Nationwide, rents have grown by 0.9% over the past year compared to the 3.3% rise in Phoenix.
  • While Phoenix’s rents rose moderately over the past year, many cities nationwide also saw increases, including Las Vegas (+4.4%), Denver (+2.5%), and San Francisco (+2.4%).
  • Renters will find more reasonable prices in Phoenix than most comparable cities. For example, San Francisco has a median 2BR rent of $3,090, which is nearly three times the price in Phoenix.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

 

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