Phoenix single-family rent prices soar, driven by employment growth

By Adrian Marsh | Phoenix Business Journal

The Phoenix area saw the second-highest increase in single-family home rental prices across the country with a 5.5 percent hike year-over-year, according to April data released by CoreLogic Inc.

The data show U.S. single-family home rental prices increased 2.9 percent year-over-year, up from 2.6 percent in April 2017.

“Rent prices increased significantly across the country in April, with the Southwest region showing the highest growth rates,” said Molly Boesel, principal economist at CoreLogic. “National employment growth has remained steady in 2018, which could be a driver of continued rent increases.”

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