Monday, August 26, 2019 / by Juan Grimaldo
(Image: Peter Hansen)
Valley median rents saw big gains in the past year, according to a new report.
Rents around Phoenix saw big year-over-year increases in July, according to a new monthly report from .
The apartment website reports some of the biggest rent gains in the southeast Valley. Chandler posted the largest percentage growth between July 2018 and July of this year for a one-bedroom apartment, with median rent climbing a whopping 15.2% to $1,210 a month, while a two-bedroom unit jumped 14.1% to $1,460.
While rents in some outlying suburbs and surrounding communities are rising more quickly, the city of Phoenix remains relatively affordable for renters. According to , a one-bed unit in Phoenix runs $1,000 a month, while a two-bed apartment has a median rent of $1,250.
Neighboring Gilbert also saw a big jump in rent from July 2018. A one-bedroom unit climbed 12% during the past year to $1,210. For a two-bedroom apartment in Gilbert, it was $1,470 a month. That was a 9.7% gain over the same month a year ago, according to .
Mesa also saw double-digit rent gains for two-bedroom apartments. In the East Valley city, a two-bed unit will set renters back $1,160, which is up 12.6% over last year. Mesa saw a more modest 1.1% gain for one-bedroom units, which run $910 a month. Only Glendale offers a lower median rent for a one-bedroom unit at $860 a month.
Other big gainers were Goodyear — which saw one-bedroom apartment rent climb 12.1% to $1,110 and two-bedroom gains of 15.3% to $1,430 during the past year — and Scottsdale, where a one-bedroom apartment costs $1,430. That's the highest monthly rent in the Valley, up 13.5% year over year, according to report.
With a booming economy, the Valley's multifamily market has remained robust. The region is one of the fastest-growing areas in the country, which spurs demand for apartments and housing. Investors have taken note, building new apartments as well as scooping up existing properties to rehabilitate — and then raising the rents.
By Tim Gallen Digital Editor, Phoenix Business Journal