Phoenix has been a leader in rent growth during recent years but since the onset of COVID-19, Phoenix rents have risen 15.7% in one year alone.
With the strongest rent growth that we’ve seen in two decades, above the national average of 4.2%, there’s no sign that local rent growth is going to slow down anytime soon especially as more people continue to move to the Phoenix area on a daily basis.
Submarkets Also Seeing Rent Increases
Besides Phoenix, submarkets like North Glendale and Chandler, are also seeing huge rent growth as well that ranges from 15% to 20%.
People are moving to Phoenix not just from California, we’re seeing more people move here every day from cities across the United States because they want to enjoy good weather and the better quality of life that Phoenix has to offer them.
What’s shocking about the huge rent growth that we’re seeing in the Phoenix area is the fact that in the early days of the pandemic, Phoenix temporarily saw some residents leave the city, echoing a nationwide trend, but since vaccinations have increased, those renters that left the Phoenix area have since returned.
Demand, Occupancy, And Rent Growth Will Remain Strong
As we enter the final months of summer, one thing we’re seeing in Phoenix is that demand, occupancy, and rent growth in the area will continue to remain strong.
This is a winning combination for owners, especially those who have been affected by the eviction moratorium in the last 12 months.
Besides apartment rent growth, Phoenix has also seen rent growth in single-family rentals as well with a year-over-year increase of 11.4%.
Contact GoldenWest Management
For more information about what’s happening with the Phoenix rental market, or to speak with us about our property management services, contact us today by calling (866) 545-5303 or click here.
