By Russ Wiles | The Republic | azcentral.com
Phoenix-area apartments and rental homes remain affordable compared to those in other big U.S. cities, but rate increases here are starting to rise faster than the national average.
Median rents in the Phoenix metro area climbed 5.6 percent over the 12 months through January, according to the Zillow Rent Index. That was higher than the 3.3-percent average hike in the 35 larger cities studied.
Phoenix rent increases also are exceeding U.S. inflation, which rose 0.8 in 2014.
Rising rents are seen as another factor contributing to the rich-poor gap. Renters are more likely to be young, underemployed, less-educated and “financially fragile,” according to a Finra Foundation study last fall.
