Phoenix area rents are almost certain to keep rising

By Catherine Reagor | Arizona Republic

A Phoenix apartment complex recently sold for a record $178.5 million.

The deal is one more sign of the strong demand for rentals in the region despite the pandemic and an eviction moratorium.

Though apartment sales were down in 2020, metro Phoenix still ranked No. 3 in the U.S. for the most rental complexes selling last year.

And as rents are falling by double-digit rates in pricier cities such as San Francisco, Seattle, Chicago and New York, the average Phoenix area tenants are paying 5% more than they did a year ago.

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