By Mike Bodeen · 1 October 2019
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PHOENIX APARTMENT RENTS STILL RISING, BUCKING NATIONAL TREND
According to Rent Café, an arm of Yardi, 253 out of 260 cities saw a level or decrease in residential apartment rental pricing over the past year, per the Phoenix Business Journal’s recent reporting.
The national apartment rental rates rose 3.3% since August 2018, but in Phoenix Metro, it rose 8% for the same period. Arizona statewide and Phoenix metro are leading the country in immigration from other states continuing the huge demand for affordable housing.
A quick look at apartment rents in cities around the metro Phoenix area in August, according to RentCafe:
Scottsdale: $1,503
Tempe: $1,384
Chandler: $1,335
Peoria: $1,189
Phoenix: $1,087
Mesa: $1,059
Glendale: $993
HOME PRICES CONTINUE TO INCREASE
The 3-month S&P Case-Shiller® Home Price Index® was released last week for July 2019. It covers sales for the 3 month period between May 1 and July 31. This index lags behind our local market stats we have through the Cromford Report and other sources, but it does provide a longer period to gauge prices and tends to help level shorter term peaks and valleys.
Month to month changes (Top 5):
Cleveland +1.11%
Minneapolis +0.74%
Phoenix +0.72%
San Diego +0.69%
Portland +0.67%
Others:
Las Vegas +0.65%
Chicago +0.37%
Seattle +0.23%
Denver +0.05%
San Francisco +0.00%
New York -0.06%
Los Angeles -0.29%
The national average was +0.39%. Phoenix rose one place from 4th to 3rd in this table.
The year over year changes were as follows (Top 5):
Phoenix +5.8%
Las Vegas +4.7%
Charlotte +4.6%
Tampa +4.5%
Minneapolis +4.2%
Others:
Denver +3.1%
Portland +2.5%
San Diego +2.0%
Chicago +1.6%
Los Angeles +1.1%
New York +0.9%
San Francisco +0.2%
Seattle -0.6%
The national average was 3.2%. Phoenix remains at the top of the chart!
Market data referenced in this article comes from The Cromford Report.