The article, Metro Phoenix had the 4th-highest rise in rental rates in the United States but 10,000 new apartments are on the way, announces that metro Phoenix has seen a constant rise in rent.
The national research firm Axiometrics states that the Valley's average apartment rent has climbed 22 of the past 23 months. The average apartment rent now stands at $924, which is $70 more than it was just a year ago.
The demand for rentals escalated during the housing crash due to people losing their homes to foreclosure and needing to rent. Millennials are also adding to the renting pool because many of them aren't ready or can't buy a home. Salaries are also increasing, but not as quickly as rent. Rental rates are up 8% while wages are up 2.4% in Metro Phoenix, according to the U.S. Bureau of Labor Statistics.
For more information on rentals and apartment statuses you can read more here.
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Chris and Dawn
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