Rate of rising rent prices in Phoenix could suggest consumer changes

By Luke Forstner | KTAR

Rent prices in Phoenix shot up in 2021, standing out even as the rest of the country also saw an increase.

A new report by real estate website Realtor.com found the median cost of rent in Phoenix was $1,800, fairly close to the nationwide median cost of $1,781.

However, the rate of increase shows just how hot the rental market is in Phoenix.

While nationwide rents saw an average increase of 10.1%, Phoenix saw an average increase of 18.8% in 2021.

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