By Lindsay Walker | Your Valley
With Phoenix becoming a destination for people moving from out of state for lower taxes or job opportunities, the Valley’s rental market is quickly becoming unsustainable for longtime residents.
According to Realtor.com’s monthly rental data report, Phoenix ranked No. 10 for monthly rental increases in November, putting it behind first place winner Miami. The median rent in the Valley is now $1,785, which is a 27.6% year-over-year increase from November 2020. Median rent for a studio apartment in the area was just $919 in November 2019; it’s now up to $1,400.
