RENTCafé‘s August rent report is out and while researchers have noticed a slowdown in national rental costs, Phoenix and the surrounding suburbs don’t necessarily follow the trend this time, as Metro Phoenix rents have picked up their rising tendencies yet again.
Here are the highlights for Phoenix and suburbs:
• Average rents in Scottsdale went up $5 in August and reached $1,503. They witnessed the largest year over year increase, $104 more compared to August 2018.
• Rents in Tempe are the second most expensive in the Valley, at $1,384. They went up $6 in August, same as in Mesa, which proves to be more affordable, at $1,059. On the other hand, Mesa had a surprising 9.18% rise since August 2018.
• Chandler rents reached $1,335 after a $3 rise, while in neighboring Gilbert, rents have stagnated this month at the value of $1,294. Both had significant gains since August last year, though, $97 for Chandler and $82 more in Gilbert’s case.
• Phoenix average rents add $4 in August, reaching $1,087. Compared to August 2018, they gained an additional $85.
• Peoria and Glendale have some of the slowest rent increases, $4 and $3 respectively, while the yearly increase was $65 and $62. They are now settled at $1,189 in Peoria and $993 in Glendale – the cheapest in the area.
RENTCafé’s data was compiled from actual rents charged in market-rated apartments in the largest 260 U.S. cities.
The full August national rent report can be accessed here: https://www.rentcafe.com/blog/rental-market/apartment-rent-report/peak-rental-season-comes-end-national-average-rent-reaches-1472/.