PHOENIX, AZ – 2016 is proving to be another strong year for the West Coast Rental Market, especially in Phoenix Arizona where in July of this year the average rent was $1,051. The average rent for a one-bedroom apartment was $920 per month, while the average rent for a two-bedroom apartment in Phoenix was $1,122 per month (source – Rent Jungle).
Phoenix Rental Market Trends
Like many cities in the West Coast Rental Market we’ve seen nice an increase in rent in Phoenix over the last 6 months as the average rent for a one bedroom apartment has increased by close to $50 while the average rent for a two-bedroom apartment has increased by $64.
The top neighborhoods in Phoenix that have seen the highest rent increases over the last 6 months include Laveen, Desert View, Central City, North Gateway, Camelback East, Paradise Valley, Encanto, Deer Valley, South Mountain, Estrella, North Mountain, Maryvale, and Alhambra,
Why Own Rental Properties In Phoenix?
Besides excellent restaurants, great coffee, plenty of things to do, and awesome water parks, Phoenix also has a growing jobs market and many people are migrating from states like California to escape high taxes and enjoy the quality of life that Phoenix has to offer them.
What’s also great about Phoenix is that people who will move to the area this year will rent for their first year as they get to know the area and that means good news for property owners since a steady demand for rental properties also means consistent cash flow.
Right now you can find many affordably priced rental properties in Phoenix and when you hire Goldenwest for your property management you can sit back and enjoy the added profits from your Phoenix rental properties.
Learn More about the West Coast Rental Market
To learn more about the West Coast Rental Market, or to speak with us about our property management services, call (602) 765-4750 or click here to connect with us through our website.