Looking to call the Valley of the Sun home?
Or, maybe you already live in Phoenix and you’re just looking to avoid costly rent increases when you move next.
Regardless, rent.com has done some research to determine the neighborhoods in Phoenix where monthly rental prices are increasing the most.
1. Central Avenue Corridor
• Price increase over the past year: 22.7%
• Average rent for one-bedroom in Central Avenue Corridor: $1,288
• Average rent for one-bedroom in Phoenix: $1,029
Dividing midtown Phoenix, the Central Avenue Corridor is one of the most popular neighborhoods and is home to many of the city’s businesses.
This neighborhood also has two of the city’s largest hospital systems in its boundaries: Phoenix VA Health Care System and St. Joseph’s Hospital and Medical Center.
2. Desert View
Photo courtesy of Shade at Desert Ridge
• Price increase over the past year: 17.9%
• Average rent for one-bedroom in Desert View: $1,372
• Average rent for one-bedroom in Phoenix: $1,029
Desert View is an upscale neighborhood in Phoenix with a suburban feel. The area is great for outdoor lovers because the neighborhood is bordered by three recreation areas: Cave Creek Regional Park, Phoenix Sonoran Preserve and Cave Buttes Recreation Area.
While the area is highly desirable, the rising rent prices are not. Year over year, rent has increased by 17.9 percent.
3. North Mountain
• Price increase over the past year: 15.1%
• Average rent for one-bedroom in North Mountain: $838
• Average rent for one-bedroom in Phoenix: $1,029
The North Mountain neighborhood in North Phoenix is a very popular place for families, young people and empty nesters. The abundance of coffee shops, boutiques and public parks make North Mountain perfect for anyone looking for a life of comfort in gorgeous surroundings.
In the last year, rent prices have increased by 15.1 percent in this neighborhood.
4. North Phoenix
• Price increase over the past year: 13.1%
• Average rent for one-bedroom in North Phoenix: $959
• Average rent for one-bedroom in Phoenix: $1,029
North Phoenix is loosely defined as the area between Northern Avenue and the farthest northern stretches of Phoenix, all the way to the Anthem area. Rent prices in this area are on average lower than some of the more desirable neighborhoods but that doesn’t mean they aren’t increasing quickly.
The average rent price for a one-bedroom apartment in Northern Phoenix increased by 13.1 percent over the past year.
5. Central City
Photo by Eric Donzella on Unsplash
• Price increase over the past year: 13.1%
• Average rent for one-bedroom in Central City: $1,464
• Average rent for one-bedroom in Phoenix: $1,029
The Central City area of Phoenix is truly where everything is happening. Nightlife, bars, concerts, entertainment and tons of dining can be found here. Being so close to the action means you’ll spend more on rent than the citywide average — and those prices are increasing.
The average one-bedroom apartment price is up 13.1 percent since March 2018.
Methodology
We looked at all neighborhoods in Phoenix with sufficient available inventory on Apartment Guide and Rent.com and compared the average price from March 2018 to March 2019 to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices.
The current rent information included in this article is based on March 2019 multifamily rental property inventory on ApartmentGuide.com and Rent.com and is used for illustrative purposes only. The data contained herein does not constitute financial advice or a pricing guarantee for any apartment.
This story was originally published here.
