Apartment rents in the U.S. inched up again in October despite the minor fall in the previous month, according to a report from RENTCafé. All the signs point towards a strong and resilient multifamily market as the national average rent reaches $1,476.
Here are the highlights for Phoenix and suburbs:
• Phoenix average rent reached $1,111 in October, after a $9 month-over-month increase. Compared to September 2018, the average rent gained an additional $97.
• The average rent in Scottsdale is the only one in Arizona that surpasses the national average, charging $1,534. That’s $9 more than in September, and $90 more compared to October last year.
• Rents in Tempe and Chandler both have seen the largest monthly increases: $16 and $10 respectively, while remaining among the second and third most expensive cities to rent in Arizona. The average is $1,435 for Tempe, and $1,372 for Chandler.
• Gilbert rents saw the average rent increase by $7, reaching $1,319. Peoria adds $1 in October, bringing the average rent to $1,212.
• Mesa and Glendale average rents are still under $1100: $1,058 for Mesa, up $6, and $1,019 for Glendale, up $8 compared to September.
In October, apartment rents dropped in 1% of the largest 260 US cities, increased in 4% and generally flatlined in the remaining 95%.