{"id":2018,"date":"2018-10-09T10:43:53","date_gmt":"2018-10-09T10:43:53","guid":{"rendered":"http:\/\/www.gentryrealestategroup.com\/buylowazteam\/?p=1918"},"modified":"2019-05-08T23:05:14","modified_gmt":"2019-05-08T23:05:14","slug":"phoenix-new-apartment-rentals","status":"publish","type":"post","link":"https:\/\/gentryrealestategroup.com\/buylowazteam\/phoenix-new-apartment-rentals\/","title":{"rendered":"Metro Phoenix New Apartment Rental Prices Out-of-Reach for Many"},"content":{"rendered":"

\t\t\t\tIn response to demand for new rental housing in the Metro Phoenix area, developers completed construction on a record number of units in 2017. Unfortunately, about 87 percent of those new rental complexes are luxury apartments, priced at $1,500 per month and higher, according to a new survey from RENTCafe<\/a>.<\/span><\/p>\n

Demand for affordable rentals in the Valley<\/a> isn\u2019t being met by the city\u2019s apartment construction boom. In fact, RENTCafe\u2014that Metro Phoenix ranks in the top one-third of U.S. cities for the most luxury apartment construction in recent years.<\/span>
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Apartment rent increases in the Valley have slowed down slightly in 2018 due to more competition from the new complexes. But the average rent for a two-bedroom apartment in Phoenix still climbed 2.6 percent over the past year\u2014almost three times the national average increase, according to national research data from <\/span>ApartmentList<\/span><\/a>.<\/span>
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Apartment rents in the Valley climbed rapidly at both new complexes and older ones over the past few years.<\/span> Below is a list of median rents for two-bedroom apartments in Metro\u00a0<\/span><\/span><\/p>\n

Phoenix area cities and their rent increases over the past year: <\/span>Valley rents by city<\/span><\/span><\/p>\n