(Via Town of Queen Creek)
By Mark Moran | Queen Creek Tribune
A new report to the Town Council shows that apartment rental prices are up dramatically in Queen Creek compared to neighboring suburbs at the same time that available multifamily housing is at a premium.
The memo says rental costs have risen 76% in the last two years to a current average of $2,311 for a 2-bedroom apartment in Queen Creek, compared to $1,673 in Mesa, $1,914 in Gilbert and $1,916 in Chandler.
“Because nearly all of the inventory is new, average rental rates in Queen Creek rank among the highest in the Phoenix metropolitan area,” the report said.
The report is an update to Queen Creek’s 2020 Land Use Balance report by economist Elliot D. Pollack.
It was commissioned to evaluate the current prices of single and multifamily housing and analyze land use balance in Queen Creek compared to adjacent municipalities.
There are currently 3,669 multifamily units existing, under construction or in an approved site plan in Queen Creek.
