Libertas Real Estate

Phoenix's Average Rent Becomes the Largest Increase in the U.S.

by Benjamin - AZ Realtor® 03/06/2020

 
  • The national average rent in January 2020 was $1,463, up 3% compared to the same time last year. 
  • The most expensive apartments are in Manhattan, $4,210 per month, while the lowest rents are in Wichita, KS, $662 per month.
  • Of the largest renter hubs, DC apartments saw the highest net increase in rent in one year, $93, while Houston rentals saw the lowest rise in price, $16, compared to January 2019.

 

RENTCafé just released its January Rent Report, noting that the national average rent reached $1,463 after a 3 percent yearly increase. Phoenix average rent increased the most among the largest renter hubs, by 8.3 percent. While Mesa and Glendale are cheaper to rent in, they aren’t far behind either.

Here are the highlights for the Valley:

• Phoenix average rent reached $1,119 in January, going through a whopping 8.3% increase since the beginning of last year.

• Rents in the area’s most expensive cities also increased rapidly over one year. Scottsdale now charges $1,564, up 6%, while Tempe average rent is $1,434, but went up 8.1% since January 2019.

• Mesa maintains its rapid yearly growth as well, witnessing an 8.7% appreciation. Rents here have reached $1,088 on average. Chandler increased by 8.6%, to $1,390 – in its case, this translates to the highest net increase: $110.

• The cheapest rents can be found in Glendale – the average rent here is $1,019, though they still increased by 6.9%. 

Nationally, the average apartment rent reached $1,463 in January, up $43 since last year, according to apartment data from Yardi Matrix. Rents grew moderately into the new year, increasing by 3% year-over-year, the slowest pace we’ve seen in 18 months, as the seasonal winddown wears on through the winter.

Rents are likely to maintain an upward streak throughout 2020, as the number of renters continues to rise in the U.S. The demand for apartments is high, including among those renting by choice. 157% more Americans who earn over $150K per year began renting this past decade, showing a preference for a more flexible and comfort-driven lifestyle.

The National report, with further details and infographics, can be accessed here: https://www.rentcafe.com/blog/rental-market/apartment-rent-report/january-2020-national-rent-report/.

 

Copyright 2020 AZ Big Media. All Rights Reserved.

About the Author
Author

Benjamin - AZ Realtor®

Hi, I'm Benjamin Bustos and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.  

Having the right real estate agent means having an agent who is committed to helping you buy or sell your home with the highest level of expertise in your local market. This means also to help you in understanding each step of the buying or selling process. This commitment level has helped me build a remarkable track record of delivering results.  Nothing is more exciting to me than the gratifying feeling I get from helping people meet their real estate needs. You can count on me to always do what’s in your best interest. I pride myself on being honest, trustworthy, and knowledgeable in the real estate market. I know how important it is to find your dream home or get the best offer for your property. Therefore I will make it my responsibility to help you achieve those goals.  Whether you are an experienced investor or a first time buyer, I can help you in finding the property of your dreams.