Phoenix metro apartments now cost $100 more per month, reports Colliers International.
The average price for an apartment is now $899 per month, up 7.4 percent from a year ago and 13.2 percent from two years ago.
The price for a Class A, high-end apartment is $1,337 per month, a 9 percent increase.
Apartment rents are above the $1,000 mark in the Paradise Valley Mall area, Chandler, south Gilbert, Fountain Hills and much of central Phoenix.
Scottsdale, Tempe and downtown Phoenix already have $1,000-plus rents. The most expensive rents are in downtown Phoenix where new complexes have pushed up prices. Downtown asking rents average $1,277 per month, according to Colliers.
The Valley’s apartment vacancy is at 5.2 percent.
Information from Phoenix Business Journal
