By Catherine Reagor | Arizona Republic
Ask most metro Phoenix renters about their monthly payments now, and you will likely hear a groan.
Despite the pandemic, Valley rents climbed by double-digits during the past year, and the area is leading the nation for rising rents on affordable apartments and homes.
“Renters by necessity” because they typically can’t afford to buy are paying an average 8.4% more for their Phoenix-area rentals than they did a year ago, according to research firm Yardi Matrix’s May research.
California’s Inland Empire ranks No. 2 for the biggest affordable rental increase.
Metro Phoenix rents increased as a record number of tenants fell behind on rents and potential evictions mounted during moratoriums.