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Jan 3 2019 64206 1Rents In Phoenix Among The Fastestrising In The Country
Rents in Phoenix among the fastest-rising in the country
Jan 2, 2019, 12:08pm MST
Rents in Phoenix climbed more than 7 percent in 2018, a growth rate eclipsed by only one other city in the country.
In its year-end analysis, RentCafe pegged rent growth in Phoenix at 7.7 percent among large cities in 2018. Only Las Vegas saw rents rise faster than Phoenix among large cities for the year. Sin City rents climbed 7.9 percent.
"Cities like Las Vegas, NV and Phoenix, AZ have proven to be viable alternatives to big cities with suffocating housing costs for many," according to RentCafe's report. "The increased demand is showing its effects, having kept Las Vegas firmly at the top of the list, and shooting Phoenix all the way to second place for rent growth among large markets."
Average rents in Phoenix are $1,011, according to RentCafe.
Valley cities saw some of the highest percentage rent increases in the U.S. last year, according to a report.
That strong demand in Phoenix also bleeds out to suburban communities in the Valley, as Mesa rents climbed at an even higher rate — 8.3 percent last year. That rapid pace shot the East Valley city — which was been the center of a number of economic and business activity in 2018 — to the top of RentCafe's mid-size cities list.
On the other side of the Valley, Peoria also experienced eye-popping rent increases. The West Valley
city saw rents climb 9.3 percent, according to RentCafe, which placed it among the five fastest- growing small cities in the nation.
The Valley's strong economy in 2018 led to a continued apartment boom with several new projects underway in popular submarkets including downtown Phoenix and Scottsdale. That healthy demand also led to investors scooping up existing and aging properties with an eye toward renovations and higher rents.
These trends are likely to continue into 2019 as the region continues to add jobs.
Phoenix Business Journal
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