Apartment rents witnessed the slowest annual rise in 17 months – a 3% increase in one year, reaching $1,474, according to a report from RENTCafé. The national average rent ended 2019 by slipping $1 compared to November, but the rent increases are still an average of $43 more compared with one year ago.
Here are the highlights for rent increases in Metro Phoenix:
• Phoenix ended the year charging $1,123 in average rent, after a $98 increase over one year, or 9.6%. This is the largest increase from among the US renter mega-hubs.
• Even higher increases were registered in Avondale, 11.2%, and Mesa, 9.9%. Avondale rents added $122 since the end of 2018, reaching $1,215. Meanwhile, Mesa average rents went up $99, to $1,094.