By Catherine Reagor | Arizona Republic
Metro Phoenix’s rising-rent frenzy could be winding down. One apartment research firm even showed rents dipping slightly in some Valley cities during August.
The much-needed break in spiraling costs for tenants, who had to deal with a bigger shortage of apartments and 2% to 3% monthly rent increaseslast year and early this year, will help some.
Apartment construction is at a 13-year high, which will help ease the supply and demand crunch.
But the Phoenix region continues to draw more people, including a large share of renters.
Though metro Phoenix’s median home price has dropped a bit during the past few months, renters won’t see apartment costs plummet in the Valley anytime soon.
Thomas Brophy, apartment expert and national director of research for Colliers International of Phoenix, explains why.
Since 2018, 40,000 new apartments have been built in metro Phoenix, and another 13,000 will open to renters this year, he said.
