PHOENIX, AZ. – There’s no denying that Phoenix Arizona rents have gone up dramatically within the last 24 months but the big question that many renters, economists, property owners and industry experts want to know is how much have rents gone up within the last two years and what can we expect for 2016?
In today’s article we will show you an example of how rents in Phoenix have increased within the last 24 months and what you can expect moving forward during 2016 especially if you plan on renting a property in Phoenix.
Average Rent Increases between 2014 and 2015
Thanks to a recent study done by rentcafe and Yardi Matrix we know that rents in the Phoenix area rose dramatically between 2014 and 2015.
Here’s a breakdown of rent increases in Phoenix over the span of 12 months, these statistics were taken from buildings that have 50 or more units.
85034 (Phoenix) – 21% rent increase
85251 (Scottsdale) – 20% rent increase
85302 (Glendale) – 16% rent increase
85295 (Gilbert) – 11% rent increase
85338 (Goodyear) – 7% rent increase
85351 (Sun City) – 4% rent increase
What to Expect For 2016
During 2016 renters in the Phoenix area can expect more of the same as rents here are expected to continue climbing and rents area increasing in a lot of different places in the Metro Phoenix area including South Scottsdale, Paradise Valley and the South Mountain area.
With more rent increases expected this year it certainly makes sense for any property owner to hire an experienced Phoenix Arizona property management company like Goldenwest Property Management.
To learn more about how we can help you to grow your portfolio of Phoenix Rental Properties and get more ROI from your investments contact Goldenwest today by calling us at (602) 765-4750 or click here to connect with us online.