Rents climb in Phoenix as they fall in other cities

By Catherine Reagor | Arizona Republic

As apartment rents drop in many big U.S. cities from San Francisco to Chicago and New York, monthly payments keep rising for metro Phoenix tenants.

Valley rents climbed faster during the past year than almost anywhere else in the U.S.

Ten of thousands of new upscale apartments charging well above what the typical resident can pay have been built in the region in the past few years, and construction continues despite the COVID-19-led economic downturn.

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