Don’t be surprised if rent increases in the next year. The Phoenix metro area in 2018 had the second-fastest growing average rent prices in the United States, surpassing $1,000 for the first time, according to a report from RentCafe, the apartment listings and trends website.
On average, monthly rent prices in Phoenix grew nearly 7.7% in 2018, $72 more than what renters were paying in 2017. A big reason for the big price boom is the increase in population. Mesa led the nation for cities with a 8.3% increase. Chandler also came in with a huge growth of approximately 8.3%.
While Phoenix’s rent increase follows the national trend, it is at a much higher rate. The national average increase in rent was about 3.1% in 2018, or $42 more than the year before. Studies show the growth is expected to continue through 2019.