Average rent drops for the first time in more than 2 years
The U.S. average rent saw its first decline in more than two years, breaking an upward trend lasting since February 2017, according to a study from RENTCafé. Although not by much, it dropped by $1 in September, to $1,471.
The Valley also registered monthly decreases across a majority of its cities, while yearly gains remain strong.
Here are the highlights for Phoenix and suburbs:
• Phoenix average rents were $1,085 in September, after a $2 month-over-month drop. Compared to September 2018, they gained an additional $78.
• Average rents in Scottsdale fall back to $1,494, after breaching the $1,500 threshold during the peak rental season.
• Rents in Tempe and Chandler both have seen a monthly decrease of $3, while remaining among the most expensive cities to rent in Arizona. The average rents are $1,382 for Tempe, and $1,332 for Chandler.
• Gilbert rents saw the second-largest monthly drop, $5, reaching $1,289.
• Peoria marks the only monthly increase, but only $1, bringing the average rent to $1,190.
• Mesa and Glendale, remain some of the most accessible areas, with average rents of $1,058 for Mesa and $993 for Glendale. Mesa marks the largest yearly increase, of 8.51%.
Since August, apartment rents saw minor declines in more than half of the 260 cities we analyzed. Small and large cities lead the trend, with prices dropping in 59% of small cities and 56% of large cities, while 42% of mid-sized cities saw their rates dwindle in September.
The full report, with further details, can be accessed here: https://www.rentcafe.com/blog/rental-market/apartment-rent-report/september-2019-national-rent-report/.