November 19, 2019

AZRE

Valley apartment rents pick up pace again in October

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%.