By AZRE
Phoenix renters caught a slight break in May, as average rents decreased slightly from the high reached in April, according to Axiometrics, the leader in apartment and student housing market intelligence.
Average effective rent for Phoenix apartments was $979 per unit per month in May, $2 less than April’s $981 but $40 higher than May 2016’s figure. That year-over-year increase translated to 4.3% annual effective rent growth, a slight 0.2 percentage point decrease from the previous month and a 3.7-percentage-point drop from the previous year.
