Phoenix apartment rents turn modestly negative in February

The average asking rent in metro Phoenix slid slightly in February, according to CoStar, largely driven by dropping luxury apartment prices.

Gilbert, Chandler, Mesa and Queen Creek — which have higher median household incomes, strong employment and less development than other areas — bucked the trend with slight rent increases. 

Downtown and South Phoenix were the areas with steeper rent declines.

Source: https://www.orionprop.com/topfive/phoenix-apartment-rents-turn-modestly-negative-in-february/