The pandemic had an impact on rent prices in major cities and neighborhoods across the U.S. To quantify the impact, we’re focusing attention on some of the major cities and neighborhoods in the U.S. We will be presenting our findings in a series of year-over-year neighborhood snapshots.
The subject of today’s snapshot is Phoenix, AZ. Based on our analysis, Phoenix’s year-over-year average rents have increased across all unit types by 7% to 17%.
Our standard City analysis uses a 12-month “LookBack” to establish an average baseline rent. The 12-month LookBack analyzes the rent data from the last 12-months, and for this analysis, the rent data included would be from May 1, 2020 – May 1, 2021.
The results from the 12-month LookBack analysis are presented in the table below:
As the table shows, 1BR units increased by 7% from last year or $76 more. While the 2BR increased by 9% or $107 more, and 3BR units increased their rents by 17% or $256 more. As demonstrated by the table, year-over-year performance increased across all rental units in Phoenix, AZ.
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.
Rentometer is the #1 tool for comparing residential rent rates anywhere in the U.S. To succeed as a real estate investor, you need solid, current market intelligence to help you set the right rent rates in Boston. Understanding local rents (and the factors that drive them) can help reduce investment risk, increase occupancy and improve your cash flow – and income. With Rentometer, you have local, current rents available right at your fingertips.
If you liked this article, subscribe to Rentometer’s email newsletter to stay up-to-date on the latest trends in rental housing.