Metro Phoenix rents fell 5%. Here’s where costs for tenants are down the most
Arizona Republic
Strong job growth in metro Phoenix is keeping demand for housing healthy as well, which in turn boosts apartment supply as developers try to keep up. As a result of all of the new units, rents have softened. The median monthly rent in Phoenix dipped 5% from last January to $1,355 this year, according to Apartment List, making the Valley the 59th most expensive metro area for rent. Avondale rents deflated the most, at 6%, while Phoenix and Goodyear dropped 5%. But more supply is needed, and state lawmakers are trying to pass rent stabilization bills to help tenants with costs. The article doesn’t mention the slew of bipartisan bills that aim to boost supply, which is the right way to ease costs.
